The biggest classic car auction house worldwide, RM Sotheby’s, is partnering with BitPay to enable the acceptance of bitcoin and other cryptocurrencies for payments.
RM Sotheby’s is the world’s largest collector car auction house by total sales, and BitPay is the global leader in providing bitcoin and cryptocurrency payment services, according to an RM Sotheby’s press release. By offering a crypto payment option, RM Sotheby’s expects to attract a wider customer base of collectible car enthusiasts.
“Cryptocurrency has become a significant part of the financial landscape and is now the way many people are choosing to conduct transactions on significant investments,” said Bryon Madsen, chief strategy officer at RM Sotheby’s. “We want to [stay] true to the needs of our clients as well as those who are just getting into the collector car market. The role that cryptocurrency will play within the collector car market will only expand in the future,” Madsen continued, adding that “BitPay manages the entire process and makes it easy to receive crypto from the customer and deposits cash into our account.”
RM Sotheby’s said the addition of cryptocurrency to its payment options will bring greater transparency and efficiency. BitPay’s blockchain payment processing enables borderless crypto payments using BTC, BCH, DOGE, ETH, LTC, WBTC and stablecoins BUSD, DAI, GUSD, USDP and USDC, according to the release.
BitPay’s business solutions also work to eradicate transaction scams, lower expenses relating to payment processing and facilitate borderless payments in cryptocurrency. With BitPay, RM Sotheby’s receives settlement the following business day in local fiat currency.
“RM Sotheby’s realizes the potential for crypto to transform the collector car market, making payments faster, more secure and less expensive on a global scale,” said Shaun Worley, vice president of product at BitPay. “Our goal at BitPay is to make accepting crypto a seamless process and increase adoption, as crypto is the future of payments.”
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RM Sotheby’s kicked off its crypto acceptance on Nov. 19 with the auction of the Guikas Collection, an offering of 77 sports and competition cars.