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Mecum Auctions now accepting crypto for collector car purchases

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You can now buy an old car with new currency.

Mecum Auctions has announced that it has started accepting cryptocurrency online and in-person at its events.

Mecum Auctions sells over 20,000 vehicles annually at its events (Patrick Connolly/Orlando Sentinel/Tribune News Service via Getty Images)

The auction house is collaborating with BitPay to facilitate transactions, which currently support Bitcoin, Wrapped Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, USD Coin, Dai, Gemini Dollar, Paxos Standard and Binance USD.

"Mecum Auctions realizes the potential for crypto to revolutionize the collector car auction industry, making payments faster, more secure and less expensive on a global scale," BitPay CEO Stephen Pair said in a news release.

"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."

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The Barrett-Jackson auto auction house this year launched a cryptocurrency trial, but hasn’t yet formalized the payment method, while Bonham’s first accepted Bitcoin through The White Company in 2018.

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In May, Sotheby’s announced it would accept Bitcoin or Ethereum through a partnership with Coinbase Commerce for a work of art by Banksy that ended up selling for $12.9 million.

Sotheby’s has not confirmed if crypto was actually used in the settlement of the sale and has not yet said if any car sales have been completed with it.

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