Biggest car auction company will now accept crypto payments

While prices of cryptocurrencies repeatedly took a beating last week, the push for mainstream adoption of the new asset class continues to gain some ground and score a badly needed win for the crypto market.

Mecum Collector Car Auctions, dubbed as the “largest collector car auction company globally,” announced they will now accept cryptocurrency as payment, and it will be facilitated through the Atlanta-based Bitcoin payment service provider, Bitpay.

According to Bitcoin.com News, the company said they are “welcoming in a whole new dimension to the live auction events” with their decision to accept digital currency payments.

How will the process work?

In a company announcement, Mecum said bidders could leverage cryptocurrency as a payment option via Bitpay, and the settlement can be done in-person at the auction. Meanwhile, online bidders can also pay with crypto during one of the classic car auctions.

With Bitpay, Mecum Collector Car Auctions will be able to accept five stablecoins, namely: DAI, Gemini Dollar, USD Coin, Paxos, and Binance USD, and cryptocurrencies Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, and Wrapped Bitcoin.

Meanwhile, in a press statement, Mecum Auctions Chief Operating Officer Sam Murtaugh said they “recognize the growing acceptance of cryptocurrency for commerce.” He also added they are confident that by accepting it as payment for car collectors, their scope of influence will be widened and the Mecum experience can be introduced to “an entirely new audience.”

First crack at accepting crypto

The auction company has also announced they will start accepting crypto payments on the 34th edition of their annual flagship event dubbed “Dana Mecum’s Original Spring Classic.”

The event will be hosted in Indianapolis, Indiana, and has already started last May 14 and will continue until May 22, providing enough chance for collectors and car buyers to make their purchase using their cryptocurrencies.

 

Image courtesy of Cointelegraph News/YouTube

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