Fasig-Tipton will accept cryptocurrency at next week's Spa sale
Fasig-Tipton will become the the first Thoroughbred auction company to take cryptocurrency as payment for horses after partnering with an app.
Cryptocurrency will be accepted starting at the company’s Saratoga sale, which begins Sunday. Crypto.com will be the payment platform for the sale, and cryptocurrency users will be able to earn rewards from Swapp Protocol.
“Fasig-Tipton aims to be a forward-thinking member of the Thoroughbred industry, and we are proud to be the first Thoroughbred auction company in the world to embrace cryptocurrency,” Fasig-Tipton president and CEO Boyd Browning said in a Monday news release. “Through these partnerships we will introduce individuals and parties that participate in the crypto space to the exhilarating world of horse racing for the very first time, and growing our sport is a priority of the utmost importance at Fasig-Tipton.”
Rewards for paying with cryptocurrency include 1 million Swapp tokens, which may be exchanged for other currencies, both crypto and fiat.
“We feel very fortunate to have the support of Fasig-Tipton, one of the oldest and most respected brands in the horse auction industry,” Crypto.com CEO Kris Marszalek said in the release. “Our mission is to accelerate the world’s transition to cryptocurrency, and we are excited to play a part in pioneering payment innovations in a century-old industry. Together with Fasig-Tipton, we have just taken a major step forward towards reaching our goal.”