The luxury car company in Singapore that offers Lamborghini and Alfa Romeo cars has begun to take cryptocurrency - virtual money that is not governed by the central bank - as payment.
EuroSports Global, which also markets the Touring Superleggera branding, said on Monday that accepting crypto transfers will lower the cost of transaction fees, ease cross-border exchanges, and provide safeguarded seamless transfers.
It will also meet the increasing demand for fluid and convenient cryptocurrency payments, according to the statement.
To enable cryptocurrency payments, the firm and its affiliates have joined with the digital wallet platform Fomo Pay, which accepts Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.
If a customer had purchased an Alfa Romeo car for $250,000 last month, he would have paid for it with only 3.81 Bitcoin. However, if he purchases the vehicle this week, he will require no less than 4.57 Bitcoin.
As long as the supply is limited and the currency is not controlled by any central bank, Bitcoin's fluctuations will remain, according to market analysts.
The Singapore Monetary Authority (MAS) has cautioned that cryptocurrency trading is extremely dangerous and unsuitable for the general population of consumers.
Despite the volatility of the digital currency industry, an increasing number of businesses are already recognizing cryptocurrency transactions.
Luno, a crypto-exchange marketplace that has filed to the MAS for an online payment token license, announced on April 13 that it had exceeded 10 million users in 40 countries.
Sherry Goh, international operations director and Singapore national administrator at Luno, a London-based company, said, "Given its status as a commercial hub with a proactive market environment, Singapore is one of Luno's major markets."
Goh stated that between March 2021 and February 2022, their client base increased by more than 40% year over year.
Bitcoin and ETH remain to be popular with Singaporean consumers, as they have been in previous years: 25% of Luno's new consumers purchased BTC last year, while 20% bought ETH, she added.
Fomo Pay founder and chief executive Louis Liu reported in March that the company, which received the first digital payment token license from the MAS last September (2021), has since handled a couple of digital currency negotiations, with the majority of the cars sold for $1 million or more.
Luxury and supercar distributor F1 Auto Cars, online shoes, and collectibles store Novelship, antique watches reseller 2ToneVintage, and luxury products store Luxehouze are among the businesses that welcome cryptocurrency payments.
