Monday, May 20, 2024
HomeBusinessDespite crypto meltdown deepens, Iconic Ferrari F1 car sold for cryptocurrency Himalaya...

Despite crypto meltdown deepens, Iconic Ferrari F1 car sold for cryptocurrency Himalaya Dollar


The iconic 1989 Ferrari 640, driven by Nigel Mansell for Scuderia Ferrari in the 1989 F1 season, has been sold using Himalaya Dollar (HDO) – a stable coin listed on the Himalaya Exchange.

The transaction was completed for the equivalent of EUR3.6 million thanks to classic car auction house RM Sotheby’s. The buyer and seller wish to remain anonymous.

Owned by legendary F1 driver Mansell, the car was retained in his personal car collection since 1989, having allegedly not been driven since its last Grand Prix race.

The Ferrari 640 earned the Italian race team 3rd in the 1989 World Constructors’ Championship and secured victory for Mansell at the Brazilian and Hungarian Grand Prix.

RM Sotheby’s believes that this is the first time in history that a Works driver has offered his own Grand Prix Ferrari publicly at auction. It is also the first Ferrari F1 car equipped with a semi-automatic gearbox.

William Je, Founder and CEO of Hamilton Investment Ltd. and Founder of Himalaya Exchange, has said “I am extremely pleased that the buyer decided to purchase this world-class car using HDO. Despite the cryptocurrency market’s recent dip, HDO has constantly remained stable with the US Dollar 1:1 without fluctuation. Impressively, this makes HDO the only stable coin in the world to maintain 100% during this time-period of uncertainty”.

In addition to RM Sotheby’s, earlier this year, the Himalaya Exchange was also used by McLaren in a similar transaction that was reported in March 2022.

Auction houses around the world are taking advantage of the increasing uptake of cryptocurrencies. In particular, many discreet ultra-high-net-worth individuals are seeking to use their investments in digital currencies to purchase historic items such as the 1989 Ferrari 640.

HDO is part of the Himalaya Exchange – an innovative cryptocurrency ecosystem that is unique for integrating a cryptocurrency exchange with a native trading coin (Himalaya Coin, ‘HCN’) and a stable coin (Himalaya Dollar, ‘HDO’).

PR Newswire
Cision distribution by PR Newswire empowers communicators to identify and engage with key influencers, craft and distribute meaningful stories, and measure the financial impact of their efforts. Cision is a leading global provider of earned media software and services to public relations and marketing communications professionals.