Aussies will now get a chance to choose from a range of luxurious cars and pay with cryptocurrencies.
As digital assets gain mainstream adoption, retail companies are more keen to accept cryptocurrencies as a legitimate and safe form of payment.
Based on a news report by Australian Fintech, one of the largest crypto exchanges in Australia CoinSpot has signed an agreement with a local car dealership Dutton Garage to offer its variety of classic and luxury automobiles for crypto like Bitcoin and Ethereum.
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With the partnership deal, the two companies expect to suffice the ongoing demand for digital asset payments in Australia as it is significantly more proggressive towards crypto regulation and adoption than most countries.
Chief Product Officer at CoinSpot Gary Howells spoke on the partnership with the local car dealership, stating:
"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."
CTO at Dutton Group Juv Jayaram supported the statement by Howells, highlighting the importance of customers being able to pay in crypto, and transact with the dealership in a "seamless and transparent manner."
However, buying cars via crypto from the Dutton Garage isn’t as simple as a one-click purchase, which is, obviously, for the safety of the buyer. Customers must contact the dealership’s representative who will coordinate the acquisition through the CoinSpot exchange.
Elon Musk’s Tesla has previously offered payments in Bitcoin for electric cars. However, the offer was discontinued due to concerns about Bitcoin mining and its impact on the environment.
