In an important announcement that will indeed positively impact the adoption of cryptocurrencies, Lloyds Auctions has said that it will start accepting cryptos as a legitimate payment method from bidders. This means people willing to buy things can settle their accounts using cryptocurrencies if they wish to do so.
Within a couple of hours, after this announcement has been made by the house, a caravan was auctioned in AU$100000, and the entire amount was paid by the bidder in cryptocurrency. Many customers have expressed their delight and happiness over this announcement, as this added convenience will help them go through the entire process of the auction in a swift, smooth, and seamless manner.
The house also added that all protocols and standard operating procedures in compliance with the government regulations would be adopted while auctioning things via the route of cryptocurrencies. The company has already invested heavily in upgrading its existing Information Technology infrastructure and is confident that this new convenience of payment via Crypto will be operationalized without any technical hiccups.
Lloyds Auctions aims to make the process as simple as the payment by conventional methods like debit or credit cards. The organization is fully aware that many people today in Australia and other parts of the world have one or another cryptocurrency. This payment method will help them participate in the process and settle their purchases on a real-time basis.
All popular cryptocurrencies, including Bitcoin and Ethereum, will be accepted by the company. This new step is aligned with the house’s view that blockchain technology is the best way to preserve the authenticity of the ownership. The Auction House has already been involved in the minting non-fungible tokens (NFTs). With the added convenience of cryptocurrency, it has taken a giant leap in terms of customer orientation and convenience.