Australia's largest exchange and a local car dealer have signed an agreement allowing customers to buy luxury cars with cryptocurrency. The move marks the second-ever practice of directly buying cars from manufacturers with crypto, after Tesla, which sold its cars for Bitcoin.
One of Australia's largest cryptocurrency exchanges by a total number of users has signed an agreement with a local retailer to allow individuals to buy luxury cars using cryptocurrency, Blockworks reports. The deal between crypto exchange CoinSpot and Melbourne car retailer Dutton Garage means that the company's customers can now shop with 30 different cryptocurrencies, including Bitcoin, according to a statement released on April 8.
The move is new to the country and opens up new opportunities for customers in Australia. This is also the second time in the world that new cars can be bought directly with cryptocurrencies. This practice was first applied by Tesla in 2021. At that time, the company allowed the purchase of cars using Bitcoin, although it soon suspended this, due to the fact that it learned that cryptocurrency mining was polluting the environment.
Purchases at Dutton Garage will be 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 two companies said the partnership was in response to strong demand from Australian customers to buy cars and other luxury goods using cryptocurrencies.
“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.”
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.