news hardware 1 Bitcoin against a Mercedes, here is the bold bet of this French dealer
Although Bitcoin has lost a significant part of its value, it continues to impose itself by breaking 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 cryptocurrencies for its vehicles
No, it’s not the South Korean electronics giant, but LG Automobiles Group. This company comprising 21 dealerships located in France and Spain now accepts payments in cryptocurrency. Thus, it is now possible to buy, in crypto, various types of vehicles among the brands present at LG dealerships:
- Mercedes Benz
- indian motorcycle
- all terrain
Cars, motorcycles, utilities and even trucks, all motorized vehicles will be subject to cryptocurrency payment. But the group does not stop there, as 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, the cryptocurrency represents a real alternative to the euro within LG dealers.
“We have witnessed the beginning of digital change. The development of the Internet has already redefined the expectations and needs of consumers. So buy a part, a vehicle or rent 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, making the customer experience and the act of purchase more fun, simple and fluid”, explains Gérald Imbert, CEO of LG.
A Crypto Solution for Traders
Announced on September 20, this first initiative in France was made possible by the Lyzi crypto payment solution. 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 a crypto version. This application offers, in particular, the possibility for various merchants to receive payments in digital currency.
Aware of the limitations linked to the volatility of cryptocurrencies, the dealer makes the most of Lyzi. In fact, to protect against the recurring price movements of cryptocurrencies, the payment is almost instant.
Also, LG Group will not hold Bitcoin, Ethereum and other cryptocurrencies in their accounts as the app allows conversion to fiat currency. Therefore, after the customer’s payment, the amount in crypto is immediately converted into euros and returned 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 cryptocurrencies can bring, the services of the application can only be accessed by carrying out identity checks (KYC and KYT).
This new initiative gives a sense of deja vu… In fact, 1 year earlier, Tesla had accepted payment for its vehicles in Bitcoin. However, Elon Musk quickly backed down on ecological grounds.