Customers of a retail car seller in Melbourne, Australia can now cash in their crypto for used luxury vehicles
One of Australia’s largest crypto exchanges by total users has inked a deal with a local retailer allowing individuals to purchase luxury vehicles using crypto.
The deal between crypto exchange CoinSpot and Melbourne-based car retailer Dutton Garage means customers of the company can now make a purchase in up to 30 cryptos including bitcoin, according to a statement on Friday.
The move to allow investors to purchase vehicles using digital assets breaks new ground for the country and is one of the world’s first since electric carmaker Tesla initially proposed the sale of its cars for bitcoin last year. Tesla CEO Elon Musk later walked back the company’s decision, citing environmental concerns over bitcoin mining.
Purchases will be made available through CoinSpot’s over-the-counter trading desk, which the exchange says will limit exposure to market fluctuations, minimize low liquidity risk and reduce slippage for those customers transacting greater than $50,000.
The crypto industry’s relationship with luxury vehicles has a deep history stemming back to 2011 when startup CEO Peter Saddington cashed in 45 bitcoin he had acquired for $115 to buy a $200,000 Lamborghini Huracan. The Lamborghini, or “Lambo,” became somewhat of a status symbol to prove one’s success in the crypto world and inspired a meme culture around it.
Indeed, some luxury vehicles listed on Dutton’s site, including a 1967 Ford Mustang and a 1964 Porsche Coup, retail for around $350,000 Australian dollars (US$262,000).
Both companies 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,” CoinSpot Chief Product Officer Gary Howells said. “Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.”