EuroSports and Porsche start accepting crypto

Luxury car maker EuroSports has teamed up with Fomo Pay to facilitate the payments for the company’s vehicles in several cryptocurrencies, including bitcoin (BTC), ethereum, USD Tether and USD Coin.

Fomo Pay has been working with various brands, but mostly focusing on the luxury segment. The company teamed up with 2Tone Vintage, a business that focuses on high-end watches. Another partner is Luxehouze which is a popular marketplace for various luxury items across Asia.

The volatility usually associated with cryptocurrencies has not scared Fomo Pay nor its merchants, and most recently EuroSports.

The company is not the only car maker to jump on this opportunity. Tesla, a manufacturer of electric and eco vehicles, invested $1.5bn in BTC in the first quarter of 2021.

While, luxury car maker Porsche has confirmed that it’s beginning to accept crypto for its vehicles.

Seeing some of the most expensive car brands jump in on the opportunity to take in crypto is indicative of a broader adoption of these payment options.

Volatility is not much of a concern as it seems like more companies join in and they are willing to sell even more expensive items in exchange for crypto.

One argument is that brands such as EuroSports and Porsche can afford to sustain volatility in the short to midterm if they expect profit later down the road.

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Source

Updated: 04/21/2022 — 16:00