Digital Assets: Collector Car Auctioneer RM Sotheby’s To Accept Cryptos
RM Sotheby’s is the world’s largest collector car auction house by total sales.
RM Sotheby’s announced Wednesday it will accept cryptocurrency payments via BitPay, the world’s largest provider of bitcoin and crypto payment services. The auction house said the move would allow it to access new business by tapping into the crypto marketplace. The BitPay payment system at RM Sotheby’s will commence for the first time at the Guikas Collection sale on November 19, said to be one of the most significant offerings of sports and competition cars to be ever offered at auction. (RM Sotheby’s)
Crypto payment system at BitPay
BitPay pioneered blockchain payment processing to enable borderless payments using cryptocurrencies.
BitPay’s business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency.
Using BitPay, the auction house receives settlement the next business day directly to its bank account in its local fiat currency. There is no cryptocurrency price volatility or risk to the consignor nor the company.
“Cryptocurrency has become a significant part of the financial landscape and is now the way many people are choosing to conduct transactions on significant investments. We want to maintain true to the needs of our clients as well as those who are just getting into the collector car market. The role that cryptocurrency will play within the collector car market will only expand in the future,” said Bryon Madsen, Chief Strategy Officer at RM Sotheby’s. “BitPay manages the entire process and makes it easy to receive crypto from the customer and deposits cash into our account.”
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