On Wednesday, RM Sotheby’s, the world’s largest collector car auction house by total sales, announced that the company will accept cryptocurrency payments through Bitpay. The company’s upcoming Guikas Collection auction on November 19 will be RM Sotheby’s first auction to accept payment in digital currency for collectible cars.

RM Sotheby’s announces support for encrypted payments via Bitpay

Although cryptocurrencies have Significant increase In terms of value, a large number of companies have turned to accepting digital assets to pay for goods and services.company RM Sotheby’s It is a classic car auction company located in Blenheim, Ontario, Canada. The company was originally called RM Auctions and has been partly owned by Sotheby’s, a leading art and luxury auction house since 2015. On November 17, the company announced plans to accept digital currency payments in the auction through the following methods Bit payment.

The company chose to accept encrypted assets in order to attract a new customer base to expand the “collectible car market to a wider range of enthusiasts and collectors.”The company will begin accepting cryptocurrency for settlement on November 19, when the company will host the upcoming Guikas Collection AuctionThe auction will showcase 75 of the best racing and road cars, and the series will be auctioned without reservation.

“The racing collection will provide modern racing enthusiasts with an introduction to almost all vintage racing series in the world, including equally impressive GT and road cars, which provide a variety of pre- and post-war sports cars,” Guikas Collection auction description details.

CSO of RM Sotheby: “Cryptocurrency has become an important part of the financial landscape”

RM Sotheby’s CSO Bryon Madsen explained in a statement to Bitcoin.com News that digital currency payments are the backbone of today’s financial sector. “Cryptocurrency has become an important part of the financial sector, and it is now the way many people choose to make major investment transactions,” Madsen said. The executive officer of RM Sotheby’s added:

We hope to always meet the needs of customers and those who have just entered the collector car market. The role of cryptocurrency in the collectible car market will only expand in the future.

The partnership between RM Sotheby’s and Bitpay was established after collector auto auction company Mecum Auctions accepted encrypted payments six months ago. Mecum Auctions also uses Bitpay as an encrypted payment service provider, and the company chose to accept digital currency for the same reason. Mecum Auctions said at the time that the company wanted to “attract new customers and sales.”

The leading luxury auction house Sotheby’s, which owns part of the collector’s auto auction house, also accepts cryptocurrencies, but through Coinbase. The world’s largest auction house revealed its partnership with Coinbase in the first week of May. Bitpay allows businesses to accept crypto assets, such as Bitcoin, Bitcoin cash, Dog, Ethereum, LTC, WBTC, and stable currencies such as BUSD, DAI, GUSD, USDP and USDC.

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Image Source: Shutterstock, Pixabay, Wiki Commons, RM Sotheby’s, Guikas Collection auctions,