Crypto-currency exchange, CoinSpot, has partnered with prestige car retailer, Dutton Garage, allowing Australians to buy cars with cryptocurrencies, including Bitcoin and Ethereum.
In a first since Elon Musk announced and retracted the ability to purchase Teslas with Bitcoin, customers of Dutton Garage can pay for vehicles in full or part using Bitcoin or one of more than 30 other crypto-currencies available via CoinSpot’s over-the-counter trading desk (OTC).
CoinSpot said its OTC service provides confidence when performing high-volume transactions without the need for traditional public order books, limiting exposure to market fluctuations. This minimises the risk of low liquidity or slippage for CoinSpot’s customers transacting in quantities of A$50,000 or more.
According to CoinSpot, the partnership is a milestone for high-end car retailers, which now have finance options for customers beyond cash, credit, or buy-now-pay-later services.
Gary Howells, Chief Product Officer at CoinSpot, said the partnership was part of the company’s mission to minimise technical barriers to entry that surround crypto-currencies, increasing access for consumers and businesses.
“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.
“Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot’s ability to facilitate transactions within the luxury goods market.”
Juv Jayaram, Chief Technology Officer at Dutton Group, said working with CoinSpot enables customers to access their crypto investments and transact with the company in a seamless and transparent manner.
To fulfill an order, Dutton Garage customers can talk to a sales associate, who will co-ordinate the transaction with their dedicated CoinSpot Account Manager via the company’s OTC.