- Singapore-based EuroSports Global starts to accept payments via Cryptocurrencies for its products.
- The Giant has partnered with Fomo Pay, the digital payments company providing services to two other Luxury brands.
- Various merchants in the country accept Crypto payments despite concerns by the Monetary Authority of Singapore.
EuroSports Global, the Singapore-based Luxury car distributor, has recently initiated to accept digital assets for its products.
BTC And ETH Making Lamborghini Dream Come True
The Giant has collaborated with a digital payments company, Fomo Pay, to accept payments in cryptocurrencies comprising Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
This move towards expanding its payment solutions is taken as the company feels the need for emerging demand for flexible and easy-to-use crypto payments. And it is utilizing digital assets to lower transaction fees and make international transactions sophisticated. And hence it has started to accept payments for Lamborghini and Alfa-Romeo motor vehicles.
According to the CEO of Fomo Pay, Louis Liu, the firm got a digital token payment license from the MAS in September 2021. And that a merchant specializing in vintage high-end watches, 2Tone Vintage also deploys the intermediary services of Fomo Pay. Apart from 2Tone, Luxehouze, a significant marketplace for luxury items in the Asian region, is another name in its clientele.
2Tone aims at attracting new clients, while Luxehouze focuses on avoiding Forex fluctuations.
Ironically, the Monetary Authority of Singapore has constantly warned about Cryptocurrency trading being risky. But several merchants in the region still accept payments via the asset class.
Cryptocurrencies’ main focus is to make the need for centralized finance fade away. Entities like BitPay facilitate merchants and others to accept payments via varied cryptocurrencies.
The main aim of Decentralised Financed (DeFi) is to eliminate the intermediaries, which are usually the banks. And to remove their control from the financial products and services. In short, people don’t want anybody else’s control over their money and depend on someone for their transactions.
More and more entities, despite the global concerns regarding the reliability of cryptocurrencies, have started to make a move towards the asset class. Accepting payments via digital assets not only makes the transactions process flawless but also facilitates cross-border transactions. But before taking such a move, entities should always analyze if they have the regulatory clarity in their respective region.
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Source: https://www.thecoinrepublic.com/2022/04/21/singapore-based-luxury-car-brand-embraces-cryptocurrencies-on-their-payments-solutions/