Post Oak Motor Cars over a tweet announced their successful sale of another product using Bitcoin. They also announced that they have started using Ethereum as a means of payment in order to turn DeFi gains into something luxurious.
First Automobile Retailers to Accept BTC and BCH Payments
Back in 2018, this Boston based automobile retailer became the first of its kind to become the first of its kind to accept payments in Bitcoin as well as Bitcoin’s hard fork, Bitcoin Cash. It had partnered with the cryptocurrency service provider, BitPay to facilitate these legal cryptocurrency transactions. Yesterday, the company added Ethereum to its list of acceptable crypto assets.
Crypto Payments Easier and Efficient
When this service was launched for the very first time, the owner of Post Oak Tilman Fertitta said that the growth of BTC to some extent had sparked interest in him. And since Post Oak was a luxury car dealer their main aim was to provide the customers with the very best experience. This partnership would enable users to buy their cars from anywhere in the world much more easily and efficiently.
Announcement is Timed With Growth of the DeFi Sector
With increasing demand of luxury cars such as Rolls-Royce, Bentley and Bugatti luxury cars, this new strategy of introducing Ethereum to its list of payments will benefit the company. And people tend to make larger payments with BTC, BCH and ETH because they are a lot simpler to use. Moreover, the company’s announcement of Ethereum payments is timely with the rapid growth of the DeFi sector. Clearly, 2020 has been the year for DeFi, with several protocols reaching new heights. Post Oak aims to leverage the DeFi gains as mentioned in the tweet and convert it into luxurious. It has been estimated that more than $6 billion are locked under DeFi protocols, hence the hype.
Growth of Blockchain Technologies in Automobile Industry
Clearly, automobile industries have not lagged in adopting blockchain technologies. Few years ago, BMW had announced their partnership with VeChain Thor in order to become an industry leader in supply chain management. German companies like Porsche announced that they were experimenting blockchain technologies.
