News

Sotheby’s Holds A Cryptocurrency Auction For A Rare Ferrari Supercar.

Cryptocurrencies are permeating every aspect of human life and have made their way into the world of antique autos. Despite the market turmoil, Sotheby’s most recent attempt was the sale of an unique racing automobile using stablecoins.

The rare 1989 Ferrari 640 was auctioned off for $3.6 million by the 278-year-old auction house RM Sotheby’s. The Himalaya Dollar (HDO), a stablecoin tied to the US dollar, was used to complete the transaction.

The classic car was valued for its use by experienced Formula One racer Nigel Mansell during the 1989 season. The racing car won the Brazilian and Hungarian Grands Prix, and it is the first Ferrari F1 car to be fitted with a semi-automatic transmission.

Mansell retained the car in his personal collection, and it had “allegedly not run since its last Grand Prix outing,” according to the Sotheby’s website. The listing on RM Sotheby’s states that if the new owner needs to use the automobile, they must fully recommission it. The auction winner, however, chose to stay nameless.

The Himalaya Dollar team expressed happiness that the car buyer chose to utilize their stablecoin to facilitate their transaction in the face of the sector’s current instability.

William Je, founder of Himalaya Exchange said:

“I am extremely pleased that the buyer decided to purchase this world-class car using HDO. Despite the cryptocurrency market’s recent dip, HDO has constantly remained stable with the US dollar 1:1 without fluctuation. Impressively, this makes HDO the only stablecoin in the world to maintain 100% during this time period of uncertainty.”

The usage of HDO in the auction process was lauded by Bryon Madsen, President of RM Sotheby’s, who stated that the cryptocurrency “gained the trust” of the auction house and that “the transformation of HDO into the right currency was flawless.” 

This is not Sotheby’s first foray into cryptocurrency; in 2021, it sold two Banksy paintings for ETH and held auctions for NFT collections such as CryptoPunks.

Aside from aiding ordinary transactions, cryptocurrencies are increasingly being used in luxury items. In May, the owner of a 187-year-old Connecticut house listed her property for $6.5 million in cryptocurrency, with similar ads circulating in the area.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

15 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.