An authorized Porsche dealer in the US will accept payment for vehicles made in cryptocurrencies
The latest addition to payment methods is made possible by a partnership with BitPay
Meme coin leaders Shiba Inu and Dogecoin will be accepted with other cryptos like Bitcoin
Baltimore-based automobile dealership Porsche Townson has inked a deal with major cryptocurrency exchange BitPay to facilitate digital currency payments for its customers.
According to a tweet published by BitPay on Tuesday (April 19, 2022), car buyers can use both Dogecoin and Shiba Inu to pay for their Porsche vehicles. As BitPay operates a full-stack virtual assets trading platform, buyers can also leverage other digital currencies like the world’s leading crypto Bitcoin for payments.
The news marks another milestone in the race for mainstream blockchain-powered payment adoption as Towson is the sole dealership in Baltimore that offers an inventory dedicated only to Porsche cars.
Also, the partnership could facilitate an increase in BitPay’s trading volumes since Towson offers both brand new and second-hand automobiles. As of the time of writing the report, Bitcoin alone already covers approximately 50% of the transactions handled by the crypto exchange.
Cryptocurrency and blockchain technology are increasingly popular in the automobile scene, per several reports. Giants like BMW have reportedly leveraged distributed ledger technology (DLT) to solve supply chain issues.
More Car dealerships have also started onboarding digital asset payments in a bid to expand their customer base and keep up with trends. On Wednesday, a buyer from Saudi Arabia purchased a certified used 2021 Mercedes Benz vehicle from the Jeff Wyler Automotive Family dealership using Ether (ETH).
Notably, Jeffy Wyler accepts payments in 12 digital currencies across in 23 dealerships in America.
Dogecoin, Bitcoin, ETH, and Other Cryptos Gain Payment Adoption in Mainstream Industries
Electric car giant Tesla is also known to accept payments made in digital assets. Earlier in March 2021, CEO Elon Musk revealed that the company had plans to accept Bitcoin. However, Telsa later halted BTC payments after Musk cited concerns over the crypto’s energy usage, particularly regarding miners.
At the time, Elon Musk said Telsa will resume Bitcoin transactions after miners adopt clean energy for at least 50% of their operations.