The oldest wine shop in America is now accepting Bitcoin payments at wine auctions and retail.
Established in 1820, Acker is the world’s largest rare and fine wine auction house, running weekly online auctions in which collectors sell rare and luxury wines.
The company will now be accepting a range of cryptocurrencies at retail and auction; in addition to Bitcoin, buyers can pay in Bitcoin Cash, Ethereum and Dogecoin. It also accepts certain stablecoins—cryptocurrencies pegged to fiat currencies, such as the US dollar—including PAX, Gemini Dollar and BUSD.
Acker is now accepting cryptocurrency! https://t.co/E6EbI86ZbF pic.twitter.com/XOxoOTUYyi
— Acker Wines (@AckerMerrall) April 13, 2021
Acker is utilizing crypto payment processor BitPay to process the cryptocurrency payments, with BitPay receiving the crypto payments and converting them into fiat money for the merchant.
The company has also added Bitcoin and Ethereum to its Acker Markets analytics platform, which compares wine auction intelligence from producers, vintages and regions in the wine auction market to other financial markets.
'No longer a passing fad'
Describing cryptocurrencies as “no longer a passing fad,” Acker chairman John Kapon said in a release that, “As one of the oldest licensed businesses in America, Acker is proud to accept this novel form of payment as we continue to evolve in our third century as a company”.
Kapon added that the company may make further announcements in the digital space in the near future.
BitPay has been gaining traction across a wide range of retailers in recent months. Earlier this month, the Bobby Hotel, a boutique hotel in Nashville, announced that it was accepting cryptocurrency payments through the processor. As to whether anyone will take advantage of the option to pay in crypto, the jury’s still out.