Sebastian Sinclair

<div id="highlights-block_624fbcabd7961" class="highlights">
 <ul>
 <li>Australia&#8217;s largest exchange and a local car retailer have inked a deal allowing customers to buy luxury vehicles with crypto</li>
 <li>The move marks a country first and one of the world&#8217;s first, since Tesla walked back its decision to let its customers make purchases using bitcoin</li>
 </ul>
 
</div>



One of Australia&#8217;s largest crypto exchanges by total users has inked a deal with a local retailer allowing individuals to purchase luxury vehicles using crypto.



The deal between crypto exchange CoinSpot and Melbourne-based car retailer Dutton Garage means customers of the company can now make a purchase in up to 30 cryptos including bitcoin, according to a statement on Friday.



The move to allow investors to purchase vehicles using digital assets breaks new ground for the country and is one of the world&#8217;s first since electric carmaker <a href="https://www.cnbc.com/2021/03/24/elon-musk-says-people-can-now-buy-a-tesla-with-bitcoin.html" target="_blank" rel="noreferrer noopener">Tesla</a> initially proposed the sale of its cars for bitcoin last year. Tesla CEO Elon Musk later <a href="https://www.caranddriver.com/news/a36434628/tesla-bitcoin-wont-accept/" target="_blank" rel="noreferrer noopener">walked back</a> the company&#8217;s decision, citing environmental concerns over bitcoin mining.



Purchases will be made available through CoinSpot&#8217;s over-the-counter trading desk, which the exchange says will limit exposure to market fluctuations, minimize low liquidity risk and reduce slippage for those customers transacting greater than $50,000.



The crypto industry&#8217;s relationship with luxury vehicles has a deep history stemming back to 2011 when startup CEO Peter Saddington cashed in <a href="https://www.thesun.co.uk/money/16967478/buy-lamborghini-with-bitcoin/" target="_blank" rel="noreferrer noopener">45 bitcoin</a> he had acquired for $115 to buy a $200,000 Lamborghini Huracan. The Lamborghini, or “Lambo,” became somewhat of a status symbol to prove one&#8217;s success in the crypto world and inspired a meme culture around it.



Indeed, some luxury vehicles listed on <a href="https://duttongarage.com/classic-cars" target="_blank" rel="noreferrer noopener">Dutton&#8217;s site</a>, including a 1967 Ford Mustang and a 1964 Porsche Coup, retail for around $350,000 Australian dollars (US$262,000).



Both companies said the partnership was in response to &#8220;strong demand&#8221; from Australian customers to purchase vehicles and other luxury items using crypto.



&#8220;With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,&#8221; CoinSpot Chief Product Officer Gary Howells said. &#8220;Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.&#8221;



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Australians Can Now Buy Cars With Crypto in Country First

<div id="highlights-block_623d5853320a6" class="highlights">
 <ul>
 <li>CoinSpot said it wants to simplify the process for buying or selling NFTs and is planning to launch an NFT marketplace atop its platform</li>
 <li>The marketplace will feature Bored Ape Yacht Club NFTs as well as BossLogic artworks</li>
 </ul>
 
</div>



One of Australia&#8217;s largest exchanges by total users said Friday it is launching an NFT marketplace within its existing platform this week in a bid to simplify the buying and selling process.



The (non-fungible token) marketplace will initially list a curated group of well known NFT projects including Bored Ape Yacht Club and Australian Creator BossLogic&#8217;s <a href="https://bossdrops.io/" target="_blank" rel="noreferrer noopener">Gauntlet series</a>.



The exchange, which is approved by the country&#8217;s transaction watchdog AUSTRAC, is the first of its kind in the country to begin offering users the ability to make purchases within its platform, CoinSpot said.



CoinSpot is expecting to add more NFTs &#8220;over the coming months&#8221; as it attempts to ease what it sees as a burden when purchasing digital assets through external marketplaces.



&#8220;No other platform currently&nbsp;allows users to purchase NFTs with any crypto of choice,&#8221; a company spokesperson told Blockworks. The platform said users will be able to make purchases using most well-known crypto.



Current processes for buying NFTs from marketplaces such as OpenSea involve establishing a crypto wallet, connecting said wallet to a marketplace and ensuring the right crypto is loaded to place a bid.



Most well-known projects are denominated or sold for ether. Still, CoinSpot argues the problem lay in a newcomer&#8217;s lack of education around the technology and is seeking to reduce &#8220;technical barriers.&#8221;



<blockquote class="wp-block-quote">&#8220;If we look back at the emergence of the early internet, it’s clear that building the most accessible, easy-to-use and secure technology is the key to mass,&#8221; said CoinSpot Chief Product Officer Gary Howells. “Everyday Australians shouldn’t have to jump through hoops or miss out on accessing projects just because the current process of buying NFTs is complicated and confusing.&#8221;</blockquote>



He said that people should have the same access to the market despite whether they were a layperson or a high-profile individual.



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