Mecum Auctions joins hands with BitPay to accept crypto payments
- Mecum Auctions starts accepting payments in multiple cryptocurrencies, including BTC and ETH.
- The firm’s decision to accept crypto payment seeks to attract a new audience.
- Per BitPay’s CEO, this move will help Mecum Auctions and car enthusiasts transact securely.
Mecum Auctions, the largest collector car auction company in the world, has started accepting cryptocurrency payments for its vehicles. The firm unveiled this news on May 17, noting that it had teamed up with BitPay, a leading provider of Bitcoin (BTC) and crypto payments, to introduce this payment method.
Reportedly, this move seeks to attract more customers by creating a gateway for the affluent crypto holders to take part in its auctions. This development will offer bidders a chance to pay for their favorite collector cars during the in-person auction settlement process. As for the online buyers, this new payment method will offer the added convenience of an end-to-end digital experience, letting them bid for cars seamlessly.
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The acceptable coins are Bitcoin (BTC), Wrapped Bitcoin (WBTC), Bitcoin Cash (BCH), Ethereum (ETH), and Dogecoin (DOGE). The firm will also accept several stablecoins, including USD Coin (USDC), Dai (DAI), Gemini Dollar (GUSD), Paxos Standard (PAX), and Binance USD (BUSD).
Touting BitPay, Mecum Auctions’ COO, Sam Murtaugh said the company offers a powerful, streamlined process that ensures crypto transactions are simple for both customers and Mecum Auctions’ accounting team.
BitPay’s CEO, Stephen Pair said Mecum Auctions realised cryptocurrencies have the potential to disrupt the collector car space and took the necessary steps to integrate crypto payments. According to him, digital currencies will help make transactions between the company and car enthusiasts secure and less expensive, regardless of where the customers are located.
This news comes at a strategic time, seeing as the company is hosting its 34th annual flagship event dubbed Dana Mecum’s Original Spring Classic. Based in Indianapolis, Indiana, the event is set to run until May 22 and it involves the auctioning of 2,500 classic cars. The company will be accepting crypto in this event and the subsequent ones.
At the time of writing, the crypto market continues bleeding after BTC plunged below the $50,000.00 (£35,204.00) on May 12. Since then, the leading cryptocurrency by capitalization has failed to recover its losses and is currently changing hands at $44,803.30.