World’s largest car auction house accepts payments in cryptocurrencies via BitPay

NEW DELHI: The world’s largest collector car auction house by total sales, RM Sotheby’s, announced on November 17 that the company will now accept payments in cryptocurrencies via Bitpay.
RM Sotheby’s is a classic car and investment quality auction house located in Blenheim, Ontario, Canada. It was previously known as RM Auctions. Since 2015, the car auction company is partially owned by the leading fine art and luxury goods auction house Sotheby’s.
The leading luxury auction house Sotheby’s, which has partial ownership of the collector car auction house, already accepts cryptocurrencies, but through Coinbase.
The company started accepting crypto for settlement on November 19, when the Guikas Collection auction was hosted.
RM Sotheby’s decided to accept crypto assets for attracting a new customer base and expand its market for collectible automobiles by reaching out to a larger section of enthusiasts and collectors.
RM Sotheby’s CSO, Bryon Madsen informed that digital currency is the mainstay in today’s financial landscape and is the way of conducting transactions on many important investments.
BitPay accepts crypto assets like Bitcoin, Bitcoin Cash, DOGE, Ethereum, Litecoin along with stablecoins such as BUSD, DAI, GUSD, USDP, and USDC.
Recently, the American AMC entertainment company accepted Shiba Inu, besides Bitcoin, Ethereum and Litecoin as a mode of payment.
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