Luxury Car Dealer Dutton Garage to Accept Cryptocurrency Payments via CoinSpot

Dutton Garage partners with CoinSpot. Australians can now purchase cars from Dutton Garage, a luxury and prestige card dealer using cryptocurrencies.

Via Coinspot over the counter (OTC) system, Australians can buy cards from Dutton in over 30 different cryptocurrencies. These cryptos include Bitcoin and Ethereum.

Coinspot OTC does not require public order books, which is minimizing exposure to market volatility with large transactions (at least AUD$ 500,000).

Gary Howells, the Chief Product Officer at CoinSpot said: "As Australians continue to look for more ways to find value in their crypto investments, CoinSpot's partnership with Dutton Garage symbolises our commitment to expanding the utility of crypto.

"With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items, whether that's a Bored Ape non-fungible token (NFT) via CoinSpot's NFT marketplace or buying a Porsche 911 with Bitcoin from Dutton Garage.

"Increasing crypto's utility is the key to driving mass adoption of what we believe is the future of finance. This partnership is only the beginning of CoinSpot's ability to facilitate transactions within the luxury goods market."

Australian customers that wish to pay for high-end vehicles using cryptocurrencies will inform the sales managers at Dutton. The transaction will be coordinated with dedicated representatives from CoinSpot.

CoinSpot and Lunu Address Market Volatility

One of the greatest concerns in accepting crypto payments is market volatility (BTCAUD, ETHAUD etc.). CoinSpot OTC has a lock-in feature, which reduces the risk of a significant price movement at the time of the purchase.

CoinSpot OTC services are designed for transactions above AUD$ 500,000, which is well-suited for Dutton Garage.

Luxury brand Off-White recently announced that it is accepting cryptocurrency payments for its stores in London, Milan and Paris. Off-White has reached $7 billion in revenue (approx.) in 2021.

Bitcoin, Ether, Binance Coin, Ripple Coin, Tether and USDC are some of the cryptocurrencies that may be used for purchasing goods from Off-White.

Off-White is using Lunu payments provider for digital payments. To address price fluctuations, Lunu explains how its clearing system functions on its website.

'The Lunu System combines Lunu Terminal and Lunu Widget with a processing service that conducts instant auctions through the proprietary Lunu Arbitrage System.

'This system, based on a pool of independent arbitrageurs, assign the market price for the crypto-to-fiat exchange, while systems oracles monitor and verify the transactions in third-party blockchains.'

In future, more brands may begin accepting cryptocurrency payments.