MotoRenn, an auto selling company, now accepts Shiba Inu (SHIB) and a number of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
The payment will be made through BitPay, the biggest cryptocurrency payment processor, according to the release. This means that all of BitPay's 13 cryptocurrencies, including Shiba Inu (SHIB), will profit from the increased exposure.
MotoRenn is a corporation that wants to expand its business through eCommerce. The company sells luxury, premium used, and exotic automobiles. MotoRenn teamed up with BitPay to make payments as simple as possible for its customers.
Motorenn enabled bitcoin to enhance the payment system for its consumers, according to CEO David Chou, who claims that cash payment is complicated. Before adopting bitcoin, he noted, the company was recognized for bank payments.
According to David Chou:
“In automotive — especially with the large amounts — there’s always concerns of making sure that you’re in line with federal and state regulations. There’s a lot of complexity about cash payments, so how does crypto play into that?
“MotoRenn dealt with these concerns by partnering with BitPay and letting that firm manage the regulatory aspect. The retailer also chose an option that converts the crypto to dollars, so customers pay with crypto while Motorenn gets paid in dollars. The company buys vehicles, pays utilities, and pays employees in dollars, so they chose that option.”
Cardinale Automotive Group Now Accepts Shiba Inu (SHIB)
Cardinale Automotive Group, which has 22 car dealerships in three states, has also accepted Shiba Inu (SHIB) through BitPay.
The automotive group has four automobile dealerships in Monterey County, according to the study.
John Guru, Cardinale Automotive Group's Corporate General Manager and Director of Digital Assets, commented on the new development:
“Our automotive group is very forward-thinking on their belief that cryptocurrency is the future and a hedge against inflation. We realize that almost all transactions are done electronically now. Rarely is anything done with cash and we strongly believe in digital assets.
BitPay manages the entire process turning the customers’ crypto into dollars deposited into our bank account the next business day.”
The company intends to attract new customers with the newly additional payment mechanism, according to the newspaper.