Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. According to its management, the company must adapt with times and provide customers more choices than just pounds and pence.
Vaculug Offers Cryptocurrency Contracts and Major Coins
Vaculug, a U.K. tire-retreading company, has made it clear that it will now accept bitcoin (BTC), and ethereum(ETH) for payment of tires and other related services. The company claims it’s the first in the industry to do that.
In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.
Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.
Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.
“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.
Despite recent market turmoil, businesses continue to introduce bitcoin payments despite it being difficult. TAG Heuer, the Swiss luxury watchmaker, has announced it will accept a dozen US dollars through Bitpay’s integration. A survey by Deloitte, a financial service firm and Paypal payment processor revealed that almost 85% merchants regard this method as a top priority.
Do you expect increased adoption of crypto payments after this month’s relatively positive developments in the markets of major coins like bitcoin and ether? Let us know your thoughts in the comment section.
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