In an Australian first, auction house now accepts cryptocurrency payment on tens of thousands of items per week.

Australian online reselling giant Lloyds Auctions has become the first auction house to open the door to cryptocurrency payments, allowing bidders to buy anything from a toaster to a Tesla with crypto while the seller is still paid in Australian Dollars.

“Within hours of offering cryptocurrency as a payment option, a one hundred-thousand-dollar custom-built caravan was paid for entirely by crypto. Since then, we have had quite a bit of interest on our upcoming classic cars and earthmoving machinery auctions,” notes Lee Hames, Chief Operations Officer for Lloyds Auctions.

A statement from the purchaser said, “As a longtime patron of Lloyds I had no hesitation and couldn’t believe how simple it was for me to pay with cryptocurrency. The seller would have received it as cash and never known the difference!”

Cryptocurrency is a digital or virtual currency that is secured by decentralized blockchain technology. While there have been plenty of ups and downs, the market has seen a recent drop in value.

“We have seen people using this as a way of divesting out of cryptocurrency and back into real life assets. As prices drop people are taking some profits off the table and transferring it to something like a classic car or bulldozer and putting it to work,” continued Mr. Hames.

“As one of Australia’s most trusted auction houses, we felt it very important to carefully put all of the right protocols and procedures into place. Now that we have invested into our proprietary IT systems, to make payment as simple as using a Visa or Mastercard, we’ve been amazed at how many regular mums and dads have an amount of crypto to spend.”

Lloyds have confirmed that purchases will of course be subject to identifying the bidder and complying with their ‘Know Your Customer’ protocols and Australian Law.

“It’s very easy for people to bid with Crypto Currency. We even have a dedicated hotline number you can call which is 1800 870 200 where we have seen enquiries pouring in,” said Mr. Hames.

Lloyds now accept payment by cryptocurrencies including Bitcoin, Ethereum and most other popular coins. For more information head to www.lloydsauctions.com.au

Scott Webber

Head Of Valuations

Accredited Senior Appraiser

Licensed Auctioneer

Qualifications & Affiliations

American Society of Appraisers (ASA)

Profile

Scott Webber is one of the founding partners at Lloyds and has worked for the company from its inception in 2004. In that time Scott has been a Licensed Auctioneer and Qualified ASA Valuer. Prior to Lloyds, Scott was a Farm Manager at Cubbie Station in Queensland, he has an earthmoving and agricultural background.

Scott is heavily involved in daily valuations. He acts for a wide range of clients and vendors including Insurance companies, Financiers, Insolvency Practitioners, Government branches, Joint Ventures and Alliances, large companies, and private individuals. Scott personally co-signs and oversees every valuation report completed by Lloyds. On average the Lloyds valuations department conducts over 500 appraisals per financial year.

Scott has managed many auctions and private sales, previously completing an approximate average of 400-800 traditional auction lots per week. Given that the Lloyds system is now online, traditional auctions are very minimal and are completed in a simulcast method, to comply with contracts we have with major government departments. Although Scott’s focus is currently Valuations, he still oversees and runs auctions weekly on a wide variety of assets from motor vehicles to very specialised process lines.

Scott offers a wealth of experience as an Auctioneer and Valuer in all aspects of Valuations and Asset Disposals.

Having headed disposal programs for Major Infrastructure Alliances, Joint Venture partnerships and Government projects throughout Australia, Scott has a wide range of experience in the Civil Construction, Earthmoving, Manufacturing and Agricultural sectors offering a “turn key” service from start to finish.

Mobile: 0439 765 669