Aussies can now buy luxury cars using cryptocurrency
Keen to cash in on your crypto currency gains? Now you can trade the coins in for a new lux ride.Australian cryptocurrency exchange, CoinSpot has announced an exclusive partnership with prestige car retailer Dutton Garage, which will see Aussie crypto holders able to buy cars with cryptocurrencies such as Bitcoin and Ethereum.
While it is not the first time cryptocurrencies have been an accepted form of currency to purchase a car, it is the first time in Australia that tokens other than Bitcoin have been able to be traded for a vehicle. Elon Musk announced and retracted the ability to purchase Teslas with Bitcoin in May 2021 citing the use of fossil fuels for Bitcoin mining and transactions as the reason for the retraction.
Customers of Dutton Garage will be able to pay for their luxury vehicles in full or in part using Bitcoin or one of the over 30 cryptocurrencies available via CoinSpot’s Over-The-Counter Trading Desk (OTC). Gary Howells, Chief Product Officer at CoinSpot said that this partnership with Dutton Garage was part of the company’s mission to minimise the technical barriers to entry that surround cryptocurrencies.
“As Australians continue to look for more ways to find value in their crypto investments, CoinSpot’s partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto. With Web 3.0, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items, whether that’s a Bored Ape NFT (non-fungible token) via CoinSpot’s NFT marketplace or buying a Porsche 911 with Bitcoin from Dutton Garage.”
It’s not surprising that crypto is the next frontier of how Aussies are looking to fund their purchases with retailers increasing finance options for customers beyond cash, credit into buy-now-pay-later services (BNPL) such as Afterpay and Klarna.
Dutton Garage customers can now enquire about purchasing a vehicle using their crypto by speaking with a Dutton Garage Sale Associate who can coordinate the transaction with their dedicated CoinSpot Account Manager via CoinSpot’s Over-The-Counter Trading Desk (OTC).
Outside of cryptocurrencies, investors of all types are looking to digital assets such as NFTs (non-fungible tokens) as a way of diversifying their portfolios as well as acquiring unique and rare collectibles, including in the automotive world.
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