Auction house Lloyds Auctions Australia has begun accepting cryptocurrency for all purchases on its marketplace. The transition proved to be an early success, with a caravan selling for AU$100,000 (US$76,000) worth of Bitcoin within hours of the launch of the new payment method.

Fast facts:

  • Brett Mudie, Lloyds Auctions head of marketing told Forkast: “Cryptocurrency and blockchain technology undoubtedly is something that’s going to be playing a large role in the future, and we see there’s increased demand for cryptocurrency … it seems like there are just a lot more mums and dads and regular people who have cryptocurrency available to be buying things with.”
  • Lloyds has seen increased interest since making the change for its auction items, which range from classic cars to earthmoving machinery.
  • International art and jewelry auction house Sotheby’s also made news in the crypto world recently by announcing it would be accepting Bitcoin and Ether as payment for a 101.38-carat diamond. The pear-shaped stone, with flawless clarity, is expected to fetch as much as US$15 million at auction on July 9.