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Mecum Auctions Now Takes Crypto Via BitPay For Collector Cars

Mecum Auctions Now Takes Crypto Via BitPay For Collector Cars

May 18, 2021 at 03:00AM
by PYMNTS

Mecum Auctions, a collector car auction company, will be accepting cryptocurrency for payment, according to a press release.

The payments will be accepted via BitPay, the release stated. Mecum is hoping its new crypto-payment abilities will open new doors and allow new types of customers to come in.

Those who have registered as bidders will now be able to pay for collector car services via bitcoin, and online bidders will also now have the convenience of accessing the experience from their own homes, according to the release.

“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,” said Mecum Auctions Chief Operating Officer Sam Murtaugh in the release. “BitPay provides a powerful, streamlined process that makes crypto transactions simple for both our customers and our accounting team.”

By adding bitcoin as a transaction settlement offering, the company hopes to accept several types of cryptocurrencies: Bitcoin (BTC), Wrapped Bitcoin (WBTC), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE) and stablecoins USD Coin (USDC), Dai (DAI), Gemini Dollar (GUSD), Paxos Standard (PAX) and Binance USD (BUSD), according to the release.

BitPay CEO Stephen Pair said in the release that his goal is to make crypto acceptance seamless and to boost the adoption of the digital coins.

“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,” he said in the release.

Currently, Mecum is hosting its 34th annual flagship event, which the release stated should run through May 22. That event will come with the option for crypto payments.

Cryptocurrencies are becoming more ubiquitous, PYMNTS reported. Crypto exchange Coinbase found in its most recent earnings report that of its $1.5 billion in total transaction-related revenues, over 94 percent came from retail holders.