• Sat. May 21st, 2022

Australians will buy Dutton cars in over 30 different cryptocurrencies

ByHazel R. Lang

Apr 11, 2022

Coinspot’s over-the-counter (OTC) market allows Australians to buy Dutton cars in over 30 different cryptocurrencies. These digital currencies include Bitcoin and Ethereum. Coinspot OTC does not require public order books for large trades (at least 500,000 AUD), which reduces exposure to market volatility.

“As Australians look for new ways to get the most out of their crypto investments, CoinSpot’s partnership with Dutton Garage exemplifies our commitment to expanding the utility of crypto,” said Gary Howells, chief product officer of CoinSpot.

Image Source: Finance Tycoons

Dutton has partnered with CoinSpot to allow Australians to buy Dutton cars in over 30 different cryptocurrencies

CoinSpot customers can now buy premium cars with up to 30 cryptos. CoinSpot has partnered with Melbourne-based vehicle dealership Dutton Garage for the same purpose. Tesla, an electric vehicle maker, offered to sell its vehicles for bitcoin last year.

CoinSpot’s partnership with Dutton Garage demonstrates our commitment to expanding the utility of crypto, according to Gary Howells, Chief Product Officer of CoinSpot. “As Australians look for new ways to get the most out of their crypto investments, CoinSpot’s partnership with Dutton Garage exemplifies our commitment to expanding the utility of crypto,” said Gary Howells, chief product officer of CoinSpot.

CoinSpot, one of the most popular cryptocurrency exchanges in Australia (by number of users), now allows Australians to buy high-end cars with bitcoin. For this, Dutton Garage, a Melbourne-based vehicle company, has partnered with the cryptocurrency exchange. Bitcoin will be among the cryptos that can be used to buy automobiles through CoinSpot.

An Australian company allows the use of digital assets to buy cars for the first time. Last year, Tesla, the electric vehicle company, offered to sell its vehicles for Bitcoin. Tesla CEO Elon Musk later changed his decision, citing the high gas consumption of Bitcoin mining as a major environmental issue.

CoinSpot’s over-the-counter (OTC) trading desk will offer this purchase. Market volatility and liquidity risk will be eliminated for clients who trade more than $50,000, according to the exchange.

The crypto industry’s relationship with luxury cars dates back to 2015, when Peter Saddington, the CTO of VinWiki, a start-up that provides car histories for used cars, paid 45 Bitcoins (about 200 000 USD at the time) for a Lamborghini Huracan that he bought for less than US$115 in 2011 when the price of Bitcoin crashed by more than 90%. Peter claimed to have purchased the vehicle from someone who took Bitcoin as payment.

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Also read: Ark Invest sells off its PayPal holdings to launch crypto-enabled cash app


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