The Bitcoin network is well-suited for high-volume money transfers, transactions of close to $1 billion in value are not rare, and has relatively low fees. That’s why cryptocurrency suits the luxury car industry really well.
Karma Automotive, a US-based luxury electric car manufacturer and Tesla competitor, announced it is now accepting bitcoin at their Karma Newport Beach store in California.
Karma hopes adding BTC support will boost the firm’s image as a company for VIP clients and a high-tech incubator open to the latest trends at the same time.
Karma has partnered with Wanxiang Group to co-develop and test blockchain technology for accepting cryptocurrency payments. The deal was announced at Shanghai International Blockchain Week 2019 in September this year, during which international experts explored commercial applications and shared key learnings in the blockchain technology.
Now Karma opened a BTC-powered store in a new location next to other luxury car stores near the John Wayne airport in Newport Beach, California. Karma CEO Dr. Lance Zhou commented on the company’s crypto endeavor:
“We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use. Karma’s flagship store will support our efforts to prove emerging technology and provide the latest VVIP customer treatment offerings by accepting Bitcoin cryptocurrency.”
Karma has a growing list of retail partners in the US, Canada, and other markets. Its presence on one continent in 2018 will have expanded to four continents by the end of this year.
Karma’s vehicles carry an innovative three-cylinder BMW engine boasting 535 horsepower capacity. Through its hi-tech models, Karma aims to establish itself as a high-end incubator for automotive breakthroughs. Karma is also opening up its platform to test various blockchain applications available in the automotive space.
As for Tesla, its real involvement with crypto assets has been superficial. Elon Musk tweets have praised BTC and Dogecoin (DOGE), but so far, no BTC transaction for a Tesla has been reported.
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