Fasig-Tipton to Start Accepting Cryptocurrency

Fasig-Tipton is using its 100th Saratoga Sale of selected yearlings as a springboard into the world of cryptocurrencies.

North America's oldest Thoroughbred auction house will become the first Thoroughbred auction company to accept cryptocurrency as payment during the Aug. 9-10 sale in Saratoga Springs, N.Y.

"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," said Fasig-Tipton president Boyd Browning Jr. "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."

To facilitate the payment of horses with cryptocurrency, Fasig-Tipton has partnered with Crypto.com, which offers through Crypto.com Pay a cryptocurrency payment solution for merchants on a secure payment platform for the world's more than 220 million estimated cryptocurrency users.

"We feel very fortunate to have the support of Fasig-Tipton, one of the oldest and most respected brands in the horse auction industry," said Kris Marszalek, co-founder and CEO of Crypto.com. "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."

For this venture, Fasig-Tipton has also partnered with Swapp Protocol, which has developed a platform for people to take control of how their data is being used in the digital world and provide the means for individuals to get paid when their data is used.

Those that pay for yearlings with cryptocurrency at Saratoga will receive cryptocurrency rewards, courtesy of Swapp Protocol, the official Cryptocurrency Rewards Partner of The Saratoga Sale. The buyer of the most expensive horse paid for with cryptocurrency at The Saratoga Sale will receive one million SWAPP tokens, which are exchangeable for various fiat (traditional government-issued securities like the U.S. dollar or euro) and cryptocurrencies.

"Swapp is proud to be a part of The Saratoga Sale, which will bring together champions of the horse racing world with the future champions of data security and monetization," said Tural Bayev, founder and CEO of Swapp. "We at Swapp believe the road to mass adoption and inclusiveness in the crypto space starts with education, privacy, and safety. Swapp is gaining mass adoption by displacing the bloated middlemen who are currently profiting off of your data and giving it back to the people."

Owner/breeder George Bolton, an investment adviser who has been savvy with his Thoroughbred investments that include eventual prominent sire Curlin   and grade 1 winner Nadal , described Fasig-Tipton's announcement as an "exciting move."

"It never hurts to be at the forefront of things like this," Bolton said. "You want to be ahead. There is no negative here."

How It Works

• As with all buyers, a person who intends to purchase using cryptocurrency must first establish credit with Fasig-Tipton.
• The buyer then finds a horse at the sale and, for example, puts in a final bid of $250,000.
• The buyer then converts $250,000 worth of any cryptocurrency (there are more than 4,500 cryptocurrencies in circulation of as of July 22, according to a report by Motley Fool) to Stablecoin, another cryptocurrency that is less volatile in value because it is tied to traditional currencies, such as the U.S. dollar.
• Once converted to Stablecoin, the buyer then pays Fasig-Tipton through an account established by Crypto.com.

All results at Fasig-Tipton sales will continue to be reported in U.S. dollars.

"We are adapting," Browning said. "There is a whole world out there of young entrepreneurial types that are drawn to the cryptocurrency market and love action, and we believe our sports lends itself to those types. Maybe they remember going to the races or that their dad loved to go to the races. We are hoping for some cross-pollination."