CoinSpot is now allowing Australians to purchase luxury vehicles using up to 30 types of cryptocurrencies, including bitcoin and ethereum.
This comes as the high-profile crypto exchange enters a partnership with Melbourne-based prestige car retailer Dutton Garage:
Any purchases made will go through CoinSpot’s over-the-counter (OTC) trading desk to limit exposure to fluctuations in the market. This will also help prevent slippage for customers transacting values over A$50,000 and minimise low liquidity risk.
‘Strong Demand’ for Crypto Car Purchases
In a joint statement, CoinSpot and Dutton Garage said the partnership was in response to “strong demand” from Australian customers to purchase vehicles and other luxury items using crypto.
“With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,” said Gary Howells, CoinSpot’s chief product officer. “Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.”
Juv Jayaram, chief technology officer at Dutton Group, added: “Working with CoinSpot enables our customers to access their crypto investments and transact with us in a seamless and transparent manner.”
The CoinSpot-Dutton deal is not the first meeting of crypto and car commerce in Australia. In April 2021, carbuyers.com.au announced a new payment system that allowed Aussies to use bitcoin to cover the purchase of a vehicle. Two months later, auction house Lloyds started accepting major cryptocurrencies as payment for sport and collector cars.