Remember back in 2017, when the popularity of cryptocurrencies was growing like crazy and everybody was attracted by the mirage of being able to buy a Lamborghini? Or questions like “when Lambo?” were probably the most common in communities dedicated to ICOs?
Gone are those days, as now you can actually buy many other brands using your crypto reserve. Like Hyundai, for example!
The number of practical uses for crypto is on the rise
With more and more use cases for cryptocurrency payments popping up, it won’t be that much of a surprise to hear that holders in North America will be able to pay for their next Hyundai with Bitcoin.
Quebec-based HGreg, a superstore with over 30 locations in North America, revealed that it’s planning to accept cryptocurrency payments for both new and pre-owned vehicles this month.
The dealer, with over 500,000 sold vehicles in its portfolio – and not just from Hyundai- over the past 25 years, is now becoming one of the first large automotive groups to accept payments made with digital assets.
“A portion of the revenue from sales made in cryptocurrency will be kept in this format by the company,” HGreg declared, adding that Bitcoin, as well as a few other coins, will remain on its balance sheet.
“We’re pleased today to be at the forefront of technology, giving our customers another payment option. We also believe it will be advantageous to keep some of our assets in cryptocurrency.”
A decision influenced by Tesla?
It is believed that this could be just the beginning of a new trend among car dealers, following Tesla’s entry into the Bitcoin market.
As previously reported, Elon Musk’s company will also begin accepting Bitcoin for payment and allocated 7.7% of its gross cash position to the leading cryptocurrency, in terms of market cap.
Finally, it’s worth mentioning that payment infrastructure is constantly integrating digital assets lately. OLB Group, for example, announced the enablement of cryptocurrency payments for merchants across the United States, thus allowing businesses to accept assets like Bitcoin, Ether, or USD Coin.