Lloyd’s Now Accepting Crypto Payments at Auctions

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In Brief
  • Lloyd’s in Australia is now accepting payment in cryptocurrencies for auctions, including those for expensive vehicles.

  • Some of the most expensive classic cars in Australia are available for payment with crypto.

  • Other auction houses have been accepting crypto as payment, including Christie’s and Sotheby’s.

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Lloyd’s auction house in Australia is now accepting payment in cryptocurrencies, including those for expensive supercars.

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Lloyd’s announced it will accept bitcoin, Ethereum, and other cryptocurrencies as payment in its auctions, from toasters to classic cars. These include a V8-powered HSV GTSR W1 Maloo and a Holden with a 1977 Holden Torana A9X. While the auction house will accept crypto, sellers can choose to be paid in digital currencies or Australian dollars.

Lee Hames, Lloyds Auctions chief operating officer, said many have already taken up to offer to pay in crypto.  “Within hours of offering cryptocurrency as a payment option, a $100,000 custom-built caravan was paid for entirely by crypto,” Haynes said. “Since then, we have had quite a bit of interest in our upcoming classic cars and earthmoving machinery auctions,” he added.

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However, Lloyd’s is not the first company in Australia to accept cryptocurrencies as payment for cars. Australian used vehicle outfit CarBuyers also accepts bitcoin as payment for its vehicles.

Cryptocurrencies payments expand

Meanwhile, apart from selling vehicles, other prominent auction houses have entered the cryptosphere. Earlier this year, British auction house Christie’s became one of the first auction houses to accept cryptocurrencies as payment. In fact, it did so while achieving another milestone involving cryptocurrencies. 

In March, Christie’s sold a non-fungible token (NFT) artwork by digital artist Beeple for $69 million that was paid for with Ethereum. While also being the most expensive NFT sold to date, it has also set a precedent for the legitimacy of NFTs as art.

Rival auction house Sotheby’s has also followed suit in accepting cryptocurrencies as payment. Last month, Sotheby’s announced that it had accepted cryptocurrency as payment for Banksy’s “Love is in the Air.” Despite declaring it would accept bitcoin and Ethereum, the auction house didn’t disclose which cryptocurrency was used in the transaction. Although in this instance the artwork sold was physical and not digital, Sotheby’s hosted its first NFT auction in March.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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