Lloyds Auctions have opened up buying opportunities for classic car collectors with the introduction of cryptocurrencies to their purchasing options.
Lloyds will now accept Bitcoin, Ethereum and other popular cryptocurrencies payment on thousands of items, from fridges to $1-million-plus classic cars.
There is every chance that cryptocurrency could be used to purchase cars in this weekend’s Classic, Muscle and Barn Find car auction which includes one of the country’s rarest Holdens.
Earlier this year Lloyds broke the seven-figure mark with the sale of a rare V8-powered HSV GTSR W1 Maloo – one of only four built and with just 681km on the clock.
While the auction house will accept payment in cryptocurrency, the seller will be paid in Australian dollars.
Lloyds Auctions, a Platinum Partner at Speedcafe.com, has become the first auction house to open the door to cryptocurrency payments, according to COO, Lee Hames.
“Within hours of offering cryptocurrency as a payment option, a $100,000 custom-built caravan was paid for entirely by crypto,” said Hames.
“Since then, we have had quite a bit of interest in our upcoming classic cars and earthmoving machinery auctions.”
Cryptocurrency is a digital or virtual currency that is secured by decentralised blockchain technology. While there have been plenty of ups and downs, the market has seen a recent drop in value.
“We have seen people using this as a way of divesting out of cryptocurrency and back into real life assets,” said Hames.
“As prices drop people are taking some profits off the table and transferring it to something like a classic car or bulldozer and putting it to work.
“As one of Australia’s most trusted auction houses, we felt it very important to carefully put all of the right protocols and procedures into place. Now that we have invested into our proprietary IT systems, to make payment as simple as using a Visa or Mastercard, we’ve been amazed at how many regular mums and dads have an amount of crypto to spend.”
Lloyds have confirmed that purchases will be subject to identifying the bidder and complying with their ‘Know Your Customer’ protocols and Australian Law.
“It’s very easy for people to bid with cryptocurrency. We even have a dedicated hotline number you can call which is 1800 870 200 where we have seen enquiries pouring in,” said Hames.
Lloyds now accept payment by cryptocurrencies including Bitcoin, Ethereum and most other popular coins.
For more information head to www.lloydsauctions.com.au