News hardware 1 Bitcoin against a Mercedes, here is the bold bet of this French dealer
While Bitcoin has lost a significant part of its value, it continues to impose itself by breaking down virtual barriers to interfere in the physical world. After Tesla, a new concession offers its customers the possibility of buying vehicles using the famous Bitcoin and other cryptos.
LG Group accepts payment in Bitcoin and other cryptos for its vehicles
No, it’s not the South Korean electronics giant, but the LG Automobiles Group. This company comprising 21 dealerships located in France and Spain now accepts payment in cryptocurrency. Thus, it is now possible to buy, in crypto, several types of vehicles among the brands present in LG dealerships:
- Mercedes Benz
- Indian Motorcycle
Cars, motorcycles, utilities, and even trucks, all motorized vehicles will be subject to cryptocurrency payment. But the group does not stop there, since it also offers the possibility of paying for various services in virtual currency, such as:
- The purchase of spare parts
- Car Rental
- Vehicle maintenance (repair, etc.)
In this sense, cryptocurrency represents a real alternative to the euro within LG dealerships.
“We have witnessed the beginning of the digital shift. The development of the Internet has already redefined consumer expectations and needs. So, buying a spare part, a vehicle or renting in crypto, why not? After all, it is a logical sequence. The group’s philosophy has always been to innovate and adapt to new market realities, by making this customer experience and the act of purchase more fun, simple and fluid,” explains Gérald Imbert, Managing Director at LG.
A crypto solution for traders
Announced on September 20, this first initiative in France was made possible thanks to the crypto payment solution Lyzi. The company, also French, offers an application available on IOS and Android smartphones. Built on the Tezos blockchain, Lyzi integrates a wallet that supports multiple cryptocurrencies, but also a cashback system in crypto version. This application notably offers the possibility for several merchants to receive payments in digital currency.
Aware of the constraints linked to the volatility of cryptocurrencies, the dealership takes full advantage of Lyzi. Indeed, to guard against recurring price movements of cryptos, payment is almost instantaneous.
In addition, LG Group will not keep Bitcoin, Ethereum and other cryptos on its accounts since the application allows conversion into fiat currency. Thus, after the payment of the customer, the amount in crypto is immediately converted into euros and paid back to the dealer.
In this logic, customers will be able to pay in multiple cryptocurrencies supported by the platform such as Bitcoin, Ethereum, Litecoin and many others…
Sensitive to scams and the various abuses that the world of cryptos can bring, the application’s services are accessible only by carrying out identity checks (KYC and KYT).
This new initiative gives a feeling of deja vu… Indeed, 1 year earlier, Tesla had accepted payment for its vehicles in Bitcoin. However, Elon Musk had quickly backtracked for ecological reasons.