Car Auction House RM Sotheby’s to Start Accepting crypto payments

RM Sotheby’s

November 19, 2021

Reading Time: 2 minutes

On Wednesday this week, the largest global collector car auction house RM Sotheby’s, made a public announcement intending to accept cryptocurrency payments.

The upcoming Guikas sale dated for today will be the company’s first auction to accept digital currencies as payments. Crypto payments are currently only accepted via BitPay.

RM Sotheby’s Debut to the Crypto Space

The RM Sotheby’s company is a classic car auction firm based in Blenheim, Ontario, Canada. Initially, the company was called RM auctions but later acquired its present name when a leading fine arts and luxury goods auction house, Sotheby’s, acquired part ownership of the firm. This was in 2015, and subsequently since, the House RM Sotheby’s existed.

Seeing how cryptocurrencies are steadily getting integrated as part of the world in significant value, House RM Sotheby’s saw fit to incorporate it in businesses. The official report by the company suggested this was a move to expand to a new customer base for expansion purposes.

This November 17th announcement will begin to take effect on the 19th as the company hosts the Guikas Collection auction. The auction will feature 75 vintage road and race cars while it will be auctioned reservedly.

Cryptocurrencies have become a Significant Part of the Financial Landscape.

Speaking to Bitcoin.com, RM Sotheby’s CSO Bryon Madsen noted how digital currency payments are becoming a mainstay in the current financial landscape. More and more people choose digital payments to be the means of transaction on their significant investments, Madsen added.

Therefore, with the changing times, the firm aims to remain faithful to the needs of their clients as well as those getting into the collector car market.

The firm’s collaboration with Bitpay will support crypto assets BTC, BCH, DOGE, ETH, LTC, WBTC alongside stablecoins such as BUSD, DAI, GUSD, USDP, and USDC.

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