Luxury Car Companies in Singapore and the U.S Start Taking Crypto
Key Insights:
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Luxury car companies in Maryland State and Singapore accept crypto payments.
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Crypto adoption gathers pace, with companies targeting crypto holders for product sales.
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Last month, Miami in the State of Florida started offering homebuyers Bitcoin (BTC) collateralized mortgages.
This year, the evolution and increased interest in web3 have driven demand for cryptos.
With U.S. inflation hitting a four-decade high in March, and Bitcoin (BTC) and other cryptos sitting below their all-time highs, service providers and luxury brands are targeting crypto holders.
It is not just the U.S. targeting wealthy crypto holders but also the crypto-friendly Republic of Singapore.
Luxury Car Companies in the U.S. and Singapore Start Accepting Crypto
Dealerships have partnered with payment processing companies to facilitate the crypto purchase of luxury goods.
On Wednesday, BitPay announced a partnership with Porsche Towson in Maryland, USA.
Via Twitter, BitPay said,
“Turn your #crypto into precious metal at Porsche Towson. Now accepting Crypto as payment for vehicle purchases. Learn more: Porschetownson.com/new-inventory.”
At the time of writing, the 2022 Porsche Cayenne was on offer for $95,880, equivalent to 2.32 BTC.
BitPay is a leader in blockchain payment technology, allowing users to accept and send Bitcoin & cryptocurrency payments.
BitPay’s announcement coincided with news of another crypto payment platform facilitating crypto car payments.
This week, EuroSports Global announced a new partnership with Fomo Pay to accept crypto car payments.
EuroSports Global stated,
“EuroSports Global Limited, a leading distributor of luxury automobiles and premium smart electric motorcycles innovator, is pleased to announce today that it is now accepting cryptocurrency payments with FOMO Pay, the first Major Payment Institution to introduce a cryptocurrency payment method to merchants in Singapore.”