British tyre company Vaculug, considered to be Europe's largest independent retreader, has started accepting payments in Bitcoin and Ethereum, the two main cryptocurrencies on the market.
In a press release, UK-based Vaculug announced that it has become the first company in the tire manufacturing industry to add cryptocurrencies to its payment options.
Vaculug has implemented payments with Bitcoin and Ethereum, allowing its customers to use both cryptocurrencies to purchase their tires or pay for their related services. In addition to this, the company has reported that It is also offering PPK and PPV fixed price contracts in cryptocurrencies, so that their clients can use or link both bitcoin and ether when signing their contracts.
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Interest in cryptocurrencies motivates Vaculug to accept crypto payments
In its statements, the tire company highlighted that it has adopted the main cryptocurrencies on the market as payment options due to the growing demand of its customers.
Likewise, Vaculug's Information and Technology Manager, Jason Humphries, noted that Cryptocurrencies represent a great opportunity to diversify your payment methods, offering its customers more than just “pounds and pence.” For Humphries, all companies will have to accept cryptocurrencies as a means of payment in the near future, which is why he pointed out that Vaculug is proud to become the first company in the tyre industry to move towards the new digital economy.
In addition, Humphries said that cryptocurrencies and blockchain technology allow the company to reduce the cost of transactions, noting that these provide greater utility and benefits for its customers and all parties involved.
“Blockchain technology is not the future but the now”, Humphries said.
The adoption of Bitcoin and Ethereum as means of payment continues to grow
The number of companies that have added cryptocurrency payments has been growing steadily and significantly in recent months. As reported by this outlet, companies from all industries, such as luxury watchmaker Breitling, Elon Musk's excavation company The Boring Company, The airline Vueling Airlines, the fashion firm Gucci and the luxury goods retailer Farfetch, are some of the companies that have added cryptocurrencies to their payment methods this year.
In mid-June, professional services firm Deloitte published a study revealing how market growth and maturity is driving institutional entry and attracting more companies to the crypto ecosystem.
According to Deloitte, consumer companies are increasingly prepared for Embrace cryptocurrency and digital asset payments, which is why it is estimated that cryptoassets will become more popular as a means of payment in the next two years.
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