October 1, 2022

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The Largest Collector Car Auction House Is Accepting Crypto Payments

RM Sotheby’s, which is the largest collector car auction house by total sales in the...

RM Sotheby’s, which is the largest collector car auction house by total sales in the world, will accept crypto payments. According to a November 17, 2021 announcement, the company has partnered with BitPay, which is the world’s leading provider of crypto payment services. 

Crypto Payments

Through the partnership with BitPay, customers of RM Sotheby’s will be allowed to pay for their purchases using cryptocurrency. The company hopes that accepting crypto payments will attract new customers from the growing crypto marketplace. Consequently, it will help to expand the market for collectible automobiles to a wide cross-section of collectors and enthusiasts. By adding cryptocurrency as an accepted payment option, it will help to increase payments efficiency and transparency. 

BitPAy’s Revolutionary Solutions 

BitPay’s pioneering solutions enable cross-border payments in cryptos such as BTC, BCH, ETH, LTC, WBTC, and DOGE. They also offer stablecoins such as DAI, BUSD, USDP, GUSP, and USDC. The solutions offered by BitPAy eliminate the risk of transaction fraud while also reducing the cost of processing payments. They also enable cross-border payments in crypto. By working with BitPay, RM Sotheby’s will receive settlements the next business day to its bank account in its selected fiat currency. For them, it eliminates the risk of crypto price volatility that would exist if they were paid directly in crypto. 

What the Leaders Had to Say

Commenting on the partnership, Shan Worley, the VP of Product at BitPay said that RM Sotheby’s had realized the potential for crypto to transform the collector car market by making payments faster, more secure, and less costly globally. Worley added that:

“Our goal at BitPay is to make accepting crypto a seamless process and increase adoption as crypto is the future of payments.”

Bryon Madsen, the Chief Strategy Officer at RM Sotheby’s also commented on the partnership. He noted that crypto had become a significant part of the financial landscape. Madsen noted that it was a transaction method which many people were choosing when making significant investments. He added that they decided to accept crypto payments via BitPay to maintain true to the needs of their clients as well as those who were just entering the collector car market. 

Madsen noted that the role of crypto in the collector car market would continue to expand in the future. He concluded by stating that:

“BitPay manages the entire process and makes it easy to receive crypto from the customer and deposits cash into our account.”

First Sale to Accept Crypto

RM Sotheby’s has chosen the Guikas Collection sale as the first one where the new payment system will be used. It consisted of 77 important cars that were auctioned on Friday, November 19, 2021, at Paul Richard Circuit in France. 

For those that wish to make payments in crypto using BitPay, RM Sotheby’s has provided a detailed guide on how to do it. 

Summary

Auction houses are increasingly opening up to crypto payments. For instance, a few months back, Sotheby’s organized an NFT auction during which they accepted crypto payments. In the future, more transactions by auction houses will undoubtedly take place in crypto. The main reason will be the safety, speed, transparency, and low-cost such payments offer. 

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Source: visionary-finance.com