By Alicia Maher
BTC and ETH have been the most widely adopted cryptos recently. More institutional investors have included these two cryptos in their investment portfolios more than other digital assets.
Effects Of Australia’s Friendly Crypto Policies
Crypto adoption in Australia has been one of the highest among several other nations because the Australian authorities have developed crypto-friendly policies. This factor is one reason for the fast adoption of crypto in this nation.
Now, there is an addition to crypto adoption in Australia. Popular Australia-based crypto exchange (CoinSpot) has announced a new partnership deal with Dutton Garage (a Melbourne-based luxury car retailer) to allow Australians to pay for their desired luxury cars with 30 digital assets, including BTC and ETH.
Part of the announcement states that CoinSpot users are allowed to make part of their payments in crypto and the other in fiat. The car retailer’s CTO, Juv Jayaram, commented on the partnership, saying, “our collaboration with CoinSpot will make our customers’ transaction seamless.”
Increasing Crypto Utility In Australia
One of the best ways to enhance digital asset adoption is to use them to perform financial settlements for a wide range of products and services. Hence, this collaboration between CoinSpot and Dutton Garage plays a significant role in making this happen.
One of CoinSpot’s top-level executives, Gary Howells, stated that “our partnership with Dutton Garage is proof of our continued commitment towards the expansion of crypto utility in Australia as more residents seek means of putting their crypto for better use.”
Howells added, “the advent of web 3.0 has made cryptocurrencies more useful than just being a store of value. Now, our users can use their crypto to purchase high-value items, whether it’s a BAYC NFT from our marketplace or a Bentley Bentayga from Dutton Garage.”
“CoinSpot has an account manager with Dutton Garage to enable seamless crypto payments for those willing to make their car payments with crypto.”
Cryptos For Financial Settlements
Dutton Garage isn’t the first car retailer to accept crypto payments for car purchases. Electric car manufacturing giant, Tesla, was the first. Tesla was BTC payments for its EVs at that time, but it later stopped citing environmental concerns. However, Tesla CEO and the richest man in the world, Elon Musk, recently revealed that customers could pay for some Tesla merchandise with meme-themed cryptocurrency, DOGE.
Musk’s announcement heralded the use of cryptos for daily financial transactions. Besides cars, cryptos are also enjoying widespread use in financial dealings in other sectors. Recently, a top us-based mobile payment app, PayRange, announced that its vending machines now support crypto payments and other forms of payments.
This announcement is huge given that PayRange has more than half a million vending machines scattered across the country. Also, a top NFL team, the Tennesse Titans, announced that fans could purchase tickets to their matches with digital currencies. It is the first time any NFL team will support crypto payments for ticket purchases.