Luxury car manufacturing company Karma Automotive has started accepting Bitcoin as a method of payment at their vendor in Newport Beach.
Karma Automotive takes initiative towards blockchain
The store, more commonly known as Karma Newport Beach, now accepts payments in Bitcoin for vehicle purchases. The company made the news public in a press release on Tuesday.
The company’s CEO stated that the service would test the theoretical application of blockchain technology out in the field. The store would continue its efforts to promote emerging and innovative technologies by testing and validating them for practical use. The team hopes to provide the “VVIP” service by allowing customers to use cryptocurrencies for car purchases.
The Chinese Wanxiang Group purchased Karma’s assets from Fisker Automotive back in 2014 for nearly one hundred and fifty million dollars ($149.2).
Bitcoin as a method of payment
Cryptocurrencies had come a long way since the creation of Bitcoin back in 2008. The services have entered the markets for luxury goods both as functions and as a method of payment.
Previously Hublot has released its “Big Bang Blockchain” that can be purchased through Bitcoin. Meanwhile, Franck Muller has developed watches with built-in crypto wallets. The price range of these watches is from ten to over fifty thousand dollars.
It is not the first time blockchain technology is interacting with car manufacturing companies. Previously well-known automotive companies, including Mercedes-Benz, have been involved in it. BMW is. Mercedes Benz has been researching blockchain technology to tap into the unrefined used car market in China’s capital.
Now the Ford Motor Company is looking into blockchain technology to accurately measure the “green miles” traveled by its energy-efficient vehicles. Meanwhile, other companies, including BMW, Renault, and Honda, are looking at its applications for car identification.