Porsche Now Accepts Crypto In Maryland

April 20, 2022 4:17 pm Comments

A Porsche dealership in Maryland has now announced that they will be accepting Bitcoin and other cryptocurrencies as payment for their vehicles now.

The dealership will be using the services of a payment processing service like Bitpay in order to make this possible.

BitPay essentially allows businesses to accept non-traditional forms of payments such as crypto by providing them with an easy to use platform while shielding them from the volatility of the crypto markets.

Porsche customers are already used to being able to use a variety of different payment methods in order to finance their vehicles.

With this new announcement, the acceptance of crypto by Porsche marks a new milestone when it comes to widespread crypto acceptance and could likely be a catalyst for all other luxury car manufacturers to do the same.

BitcoinMagazine reports:

Porsche Towson customers, already used to traditional forms of financing, leasing, trade-ins and other well-established forms of car purchases, now have the ability to buy luxury vehicles with bitcoin.

Bitpay is an enterprise-grade cryptocurrency payment system that allows businesses to accept cryptocurrencies like BTC by taking the stress away from business owners with a seamless application programming interface (API).

With this tool, businesses can utilize cryptocurrencies like bitcoin for recurring billing or one-time payments.

Porsche Towson offers new, certified pre-owned, and leasing options across their locations in Maryland and Pennsylvania.

The Baltimore, Lutherville-Timonium, Hunt Valley, Bel Air and Towson locations can be found in Maryland. The Pennsylvania location can be found in York County.

As of now, it seems that this is just temporarily in Maryland specifically, but it is expected that the company will likely rollout the option to all other dealerships after a successful initial launch.

Bitcoin may be the default crypto when it comes to payments using crypto, but Bitpay has also hinted that there will be support for other cryptocurrencies as well such as Dogecoin and Shiba Inu.

As a result, it seems like these meme coins are continually getting more and more reasons that justify their value to the surprise to the crypto community.

Some other independent car dealerships have also done this in the past as well such as the company Bots Inc which allowed local dealerships to accept Dogecoin for pre-owned Tesla.

With that being said, Porsche is one of the first big name luxury brands to finally venture to accepting crypto as payment which makes it that much more important.

U.today reports:

Porsche Towson, Baltimore’s only exclusive Porsche center, has partnered with cryptocurrency payment processor BitPay in order to accept digital assets, according to an announcement made earlier this Tuesday.

Notably, the dealership, which offers both new and used Porsche cars, now accepts Dogecoin and Shiba Inu, the two most popular meme coins, on top of more conventional cryptocurrencies such as Bitcoin.

Last March, BitPay processed a total of 76,583 payments. As of January, Bitcoin accounted for more than half of the company’s transactions.

Last year, Porsche joined the non-fungible token craze by launching Fanzone, a platform for trading NFTs.

In 2018, it also became the first automaker to start testing the blockchain technology as part of its pilot project with Berlin-based start-up XAIN.

It is only a matter of time before the rest of the industry recognizes the benefits of crypto payments and joins the trend.

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