The British firm Vaculug, which markets itself as Europe’s largest independent tire retreader, has decided to begin accepting cryptocurrency as payment for its products and services. The company’s management believes that in order to remain competitive, it must adapt to changing market conditions and provide clients with more purchasing options beyond pounds and pence.
Vaculug Will Accept Major Coins And Will Offer Contracts In Cryptocurrency.
Bitcoin (BTC) and ethereum (ETH), two of the most prominent cryptocurrencies, will now be accepted as a method of payment for tires and services linked to their retreading by the company Vaculug, which is situated in the United Kingdom. The business asserts that it was the first in its sector to implement this strategy.
Vaculug stated in a press release that it plans to sign fixed price contracts in the ‘crypto per kilometer’ and ‘crypto per vehicle’ formats. These contracts will be available to customers who want to fix or link the prices of their payments to the prices of the two cryptocurrencies that are supported.
According to Jason Humphries, who is in charge of IT at Vaculug, blockchain technology is not the future but the present. According to him, “we are delighted to be the first retreader to do so” because “we believe that all firms will have to take cryptocurrency in the near future and we are proud to be the first to do so.”
Humphries believes that the company, which he characterizes as customer-centric, needs to 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 simultaneously providing more value to the buyer.
Sam Dunross, CEO of Dunross and Chan Ltd., which will process the cryptocurrency transactions, stated that the company is “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.” “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.” He went on to say that in order to guarantee the platform’s safety, Israeli cybersecurity companies were involved in its development.
In spite of the recent slump in the value of cryptocurrencies, an increasing number of companies are beginning to accept bitcoin as a form of payment. TAG Heuer, a Swiss luxury watchmaker, said earlier this year that it accepts a dozen cryptocurrencies in the United States through a connection with Bitpay. And according to a survey that was carried out by a company that specializes in financial services and a company that processes payments, 85 percent of business owners believe that enabling this payment option should be a top priority.
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