The Auto Block, the processor for payments for Crypto, has announced plans to launch a cryptocurrency to buy vehicles, and they are hoping to use blockchain so consumers can use it toward their payments or leases.
The London-based company, which facilitates payments in Bitcoin, Ethereum and Litecoin for car purchases at partner dealerships, will start offering its own currency the AutoCoin next month, at an initial price of $0.25 (£0.19) per coin.
It plans a full launch of the AutoCoin payment system, and a listing on cryptocurrency exchanges, by the end of the year, with plans for expansion abroad. Dealer that start accepting cryptocurrency in lieu of traditional cash can opt to convert the paid amount in sterling and have it deposited in their bank account, which The Auto Block says takes “seconds”. Current partners include Volvo, Ferrari and Mercedes-Benz franchisees, as well as a number of used sports car retailers, a motorhome dealership, a classic car insurance provider and online portal WeBuyCarsToday.co.uk.
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