Shiba Inu (SHIB) and a number of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), are now payment options for MotoRenn, an auto retailing company.
According to the announcement, the payment will be facilitated using the leading crypto payments processor BitPay. This implies all the 13 cryptocurrencies listed by BitPay, including Shiba Inu (SHIB), will benefit from this vast exposure.
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MotoRenn is a company focused on growing its business via eCommerce. The startup is involved in selling luxury, premium used, and exotic cars. MotoRenn partnered with BitPay to make payments seamless for its clients.
According to CEO David Chou, Motorenn allowed crypto to boost the payment system for its customers, stating that cash payment comes with a lot of complexity. He said the company was known for bank payments before adopting crypto.
David Chou noted:
“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.”
Read Also: Famous Fashion Brand Gucci Adds Shiba Inu (SHIB) As Payment Option: Details
Through BitPay, Shiba Inu (SHIB) has also been adopted by Cardinale Automotive Group, which owns 22 Car Dealerships in three States.
According to the report, the automotive group owns four car dealerships in Monterey County.
Reacting to the new development, the Cardinale Automotive Group’s Corporate General Manager and Director of Digital Assets, John Guru, said:
“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 report says that the company hopes to attract new business with the newly added payment method.
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