Italian motorcycle company Soriano Motori will accept crypto payments for its bikes, becoming the first motorbike firm to do so.
From flight tickets to real estate deals, cryptos are becoming more readily acceptable as payment means with companies looking to expand their revenue streams.
Italian Bike Maker to Accept Bitcoin and Other Crypto “Coins”
Soriano announced the acceptance of cryptocurrencies as a payment means for its motorbikes in a press release issued on Dec. 14. According to the press statement, customers can utilize Bitcoin (BTC) as well as crypto coins like Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), among others in exchange for its motorcycles.
The move is the result of a partnership with crypto exchange giant Coinbase. Soriano’s eCommerce store will integrate with the US-based platform. Typically with crypto payment support, merchants need to partner with cryptocurrency-fiat gateways that will allow conversion between virtual currencies and fiat currencies.
Crypto paying customers will pay the value of the bikes at the market price of their preferred cryptocurrency at the time of purchase. According to Soriano, given the current bitcoin price, the company’s offerings are worth a little over 2 BTC (~$38,600).
Commenting on the rationale behind embracing crypto payments, the company remarked:
“All our clients will be able to benefit from the great advantages that cryptocurrencies offer. Thanks to digital currencies such as Bitcoin, we can carry out international transactions without commissions or without attending to exchange rate fluctuations, among others.”
Soriano now joins a league of luxury brands jumping on the crypto bandwagon. Companies like Virgin Galactic and Dutch yacht rental giant Boatsters Black allow customers to pay with bitcoin.
Apart from high-end stores, crypto is also seeing increasing penetration in the retail microtransactions arena. Indeed, 2021 promises to bring even greater expansion in this regard. US online payments giant PayPal supports cryptocurrencies for online shopping.
Earlier in December, PayPal CEO Dan Schulman remarked that the time for mainstream crypto payment adoption was at hand. Factors like the coronavirus pandemic and emerging government policies seem to be promoting the transition to a more cashless economy.
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