Honda Now Accepting Cryptocurrencies for Payments: Report

Honda, the Japanese automobile manufacturer, will now start accepting cryptocurrencies for payments. As per a media report, people can buy Honda products by paying in cryptocurrencies such as Ripple (XRP), Shiba Inu (SHIB), and Bitcoin (BTC).

Notably, the accepted assets are the two largest by market capitalization – Bitcoin (BTC) and Ether (ETH). Additionally, XRP, SHIB, BNB, Polkadot (DOT), and many more are on the list. It is worth mentioning that Honda’s offering also includes some memecoins such as Pepe Coin (PEPE), Floki Inu (FLOKI), Bone ShibaSwap (BONE), Doge Killer (LEASH), and others.

Honda’s Entrance in the Crypto World

Honda Motor Co. has partnered with the blockchain payment system FCF Pay which will allow it to accept payments in cryptocurrencies. This partnership with FCF Pay will allow clients to lease or purchase company products in digital currencies instead of fiat. This step by the automobile giant states that it is driving into the future with crypto.

It can be said that such trendy digital assets have emerged as a top trend in the crypto space in the past few years. The first to see the light of day (which actually started as a joke) was Tesla CEO Elon Musk’s favorite Dogecoin (DOGE). Despite that, it has turned into one of the leaders in the realm, with a current market cap of more than $8 Billion.

Earlier this week, SHIB made the headlines when FCF Pay collaborated with the Texas-based energy company Chariot Energy. With this collaboration, it enables locals to pay their solar panel bills in the memecoin instead of fiat. One other major announcement revealed that eligible clients of the British banking behemoth HSBC can settle their mortgage bills and loans in various cryptocurrencies, including XRP and SHIB.

Web3 Interest of Honda

Late in June 2023, Honda also joined hands with Animoca Brands for web3 fan engagement. Animoca Brands Japan announced that it is working with Honda to “provide web3 fan engagement experiences for motorsport events, starting next month with the Mid-Ohio Indy200.” Animoca Brands is a Hong Kong-based game software company and venture capital company.

According to the program, Honda will offer fans exclusive physical and digital prizes and experiences using blockchain technology. It usually means there are cryptographic keys associated with the non-fungible token (NFT) collectibles which isn’t particularly user-friendly. But that will be avoided by providing a custodial wallet, so fans don’t have to worry about key management and can access their experiences and goodies in a user-friendly manner.

It must be noted that the collaboration involves a third party, Gryfyn, that provides the custodial crypto wallet. It is a joint venture between Animoca and Hong Kong digital asset custody firm Hex Trust.