Legendary wine shop, Acker, makes history again, after announcing their auctions now accepts cryptocurrencies.
Another day and another big name in the alcohol business is dipping toes into the cryptocurrency industry. Acker, the oldest wine shop in the United States, is the latest to announce that auctions will now accept cryptocurrency as payment.
Established in 1820, Acker also houses the largest rare and fine wine auction house in North America. For the Acker auction house, this is another in a long line of record-breaking and historic firsts in the fine wine industry.
Turning to digital currencies
Now, Acker is moving into digital currency, after $1.3 billion in sales last year.
Acker chairman, John Kapon, said that “cryptocurrencies are no longer a passing fad, and, as one of the oldest licensed businesses in America, Acker is proud to accept this novel form of payment as we continue to evolve in our third century as a company.” Kapon further added:
“Cryptocurrency is here to stay, and we are excited to offer these additional options for payment in this ever-changing and shifting world. We look forward to growing our already robust network of wine lovers and making more exciting announcements in the digital space soon.”
The house created big news in 2008, when it made its first sale in Asia, after the market was freed from prohibitive tariffs on alcohol. The sale netted over $8 million and cemented their position atop the wine market.
Their perch atop the mountain became even more solid, after becoming the first wine auction firm to hit the $100 million mark in revenue. The company also crossed the $1 billion thresholds in auction revenue in 2018.
Collaboration with BitPay
The move to cryptocurrency will be made possible by utilizing the crypto payment processor BitPay. BitPay will receive payments on behalf of the auction house, then convert them into flat currencies.
Acker stated that they would first accept bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and dogecoin (DOGE). Stablecoins like BUSD, Gemini Dollar (GUSD), and PAX are also accepted for auctions.
In the meantime, Acker is not the first alcohol brand to move into the market. Last week, Irish Whiskey Company Kinsale Spirits announced a rare wine auction to be held.