Mecum Auctions has announced that it will now accept payment of winning bids with cryptocurrency.
The Wisconsin-based company has chosen BitPay as its cryptocurrency provider, opening up a wide range of payment options.
With the cryptocurrency option available to in-person and online bidders, the company hopes it will attract a new generation of customers.
Taking bids through the blockchain
Registered Mecum bidders will be able to select from various different cryptocurrencies and ‘coins’. This includes the popular Bitcoin, along with Ethereum and even Dogecoin.
Bitcoin has become the cryptocurrency of choice for certain car manufacturers. Karma dealerships in California have previously committed to accepting Bitcoin.
Tesla announced earlier this year that the company would allow payment for new cars with Bitcoin. However, Elon Musk later retracted the brand’s commitment, citing environmental concerns from the ‘mining’ of Bitcoin.
IndyCar driver Rinus VeeKay featured Bitcoin sponsorship in the recent Indy 500 race.
Spring Classic sets new records
Stephen Pair, CEO of BitPay, commented: “Mecum Auctions realizes the potential for crypto to revolutionize the collector car auction industry, making payments faster, more secure and less expensive on a global scale”.
He added that: “Our goal at BitPay is to make accepting crypto a seamless process and to increase adoption as crypto is the future of payments, and we’re thrilled to have the opportunity to support Mecum in providing crypto payment solutions for car enthusiasts worldwide.”
Mecum’s cryptocurrency announcement came as part of the recent 2021 Indy auction. This event saw the company hit a new record, seeing total sales of more than $107 million.
Top-selling cars included the famous ‘Big Oly’ Ford Bronco, which sold for $1.87 million.
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