A Wisconsin-based family-owned auction house renowned for collector cars, and vintage and antique motorcycles has added its name to the list of companies accepting cryptocurrency for payments.
Mecum Auctions accepts crypto
Mecum Auctions, a leading collector car auction company, announced on May 17 that it will start accepting cryptocurrencies as a means of payment. The company has partnered with BitPay, a cryptocurrency payment service provider.
*THREAD* 1/4 pic.twitter.com/7exdtRbIe6
— Mecum Auctions (@mecum) May 17, 2021
Mecum Auctions will allow customers to make their payments using a range of cryptoassets. These include Bitcoin, Ethereum, Wrapped Bitcoin, Bitcoin Cash, Dai, and Dogecoin. In addition, the company will accept four stablecoins: USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and Binance USD (BUSD).
The auction company made the move because it wants to capitalize on the exploding cryptocurrency market. Indeed, it wants to attract new customers and sales.
Mecum Auctions’ Chief Operating Officer Sam Murtaugh said they are expecting to widen their scope of influence.
“We recognize the growing acceptance of cryptocurrency for commerce and are confident that by accepting crypto for collector cars, it will widen our scope of influence and introduce the Mecum Experience to an entirely new audience.”
BitPay CEO Stephen Pair said Mecum Auction has realized the true potential crypto has for the collector car auction industry.
Crypto and the collector car industry
Pair added that cryptocurrency will make “payments faster, more secure and less expensive on a global scale.”
“Our goal at BitPay is to make accepting crypto a seamless process and to increase adoption as crypto is the future of payments, and we’re thrilled to have the opportunity to support Mecum in providing crypto payment solutions for car enthusiasts worldwide,” said Pair.
Mecum Auctions is currently hosting its flagship event, Dana Mecum’s Original Spring Classic. The event is taking place in Indiana, where 2,500 cars are on offer. The company will accept cryptocurrency payments at the auction and “for all auctions going forward”, it said.
Mecum Auctions’ decision to accept crypto is a silver lining to a crypto industry. Recently, the cryptocurrency space has was battered by Tesla’s decision to stop accepting crypto for payments.
Tesla suspends crypto payments
The crypto industry received a major boost early this year when Tesla announced that it had splashed $1.5 billion on bitcoin. In March, Cryptonary reported that people could use their bitcoins to purchase Tesla vehicles.
Within a few months, Tesla changed its tune. CEO Elon Musk announced that the company had suspended bitcoin payments, citing BTC’s environmental footprint.