Although it is not widely accepted for daily items as an exchange medium, dealers selling luxury cars have noticed a significant increase in the number of customers who want to trade in Digital Assets. Marino Performance Motors, based in West Palm Beach (FL), and Digital Asset Investment Management, headquartered in Newport Beach (CA), are two of the leading companies behind these deals.

MPM Sales & Finance Manager Gil Courchene saw the opportunity to take advantage of this growing customer base. He stated,

We have received so many inquiries about crypto-paying for cars over the last year. While we had many clients fly in from around the US looking for specific vehicles, they wanted to pay with cryptocurrency. It wasn’t something I wanted to make a big deal for me.
He set up the company to trade in Bitcoins and Ethereum quickly. To support these transactions, he believes that finding a trustworthy partner is crucial.

There are two types of people: people who accept cryptocurrency and those who wish to use it. However, there is not much knowledge about the process. It was crucial to find a trusted partner.
Crypto buyers need to be aware of the potential risks involved in the purchase. Gil explained that the best way to ensure a smooth transaction is to use a digital asset manager who has been licensed. He partnered with DAIM to provide crypto management and advisory services.

Mike Soroudi is the Chief Operating Officer of DAIM. He believes that it is crucial for luxury retailers to feel at ease transacting with cryptocurrency.

People see cryptocurrency as a confusing blackbox in which transactions can be anonymously sent and received. After the client has sent a transaction to us, we inform them that the vendor can access a blockexplorer so they can see the transactions in real-time. The transaction ID, address, amount, and legitimacy of the system can be matched by retailers. They know that the transaction is completed when they receive three confirmations. The legacy banking options offer more transparency and quicker transaction closures.
DAIM views this as a step towards more efficient, open and transparent payment processing. It also sees it as an improvement in treasury management. Soroudi continued,

“We are able to complete transactions quickly. Most vendors will get the cash back in less than an hour. It is interesting that companies are receiving less cash as they complete more transactions. It is now more common for them to convert only what they need immediately and keep the rest in Digital Assets. Bitcoin is a valuable store of value. However, in low interest rates and high inflation environments keeping money in cash can severely impact the holders’ purchasing power. A stablecoin that yields 5-8% is another strategy. This allows us to deploy capital without having to keep the money.
Digital Assets and Bitcoin are becoming more mainstream. The goal of people with significant positions in cryptocurrency is not to dramatically increase their net worth. They desire to actively participate in and contribute to the cryptocurrency ecosystem. In many instances, this means abandoning the banking system. It is becoming more popular to use cryptocurrency for secure, efficient exchange of luxury goods. Soon, it will be commonplace to buy Porsches, yachts and homes using Bitcoin.

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