Classic Parade Will Now Rent Out Cars for Crypto2 min readReading Time: 2 minutes
Classic Parade – a company that rents out luxury supercars in the United Kingdom – is allowing customers to make payments with assets like bitcoin and Ethereum.
Classic Parade: Rent a Supercar for Crypto
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Classic Parade so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
Customers have as many as 150 cars to choose from. They can also pay in as many as 28 separate digital currencies. The owner of Classic Parade – who simply goes by the name “Mr. Brown” – explained in a recent interview:
Our clientele is international and want to be able to pay to rent our supercars without the hassle and cost of exchange rates and transfer fees. Many of our clientele have significant holdings in cryptocurrency, and so it makes sense to offer this option for them. The transactions are immediate, and we can also take the deposits in crypto as well, and then it’s easy to return the deposit after the rental has expired as well.
Customers Seem Interested
He also stated:
We have to go through the usual identity checks needed to hire a vehicle, but these are easy to process, and it becomes much easier with every repeat transaction. This way, we can also provide adequate know your customer checks. We are expecting a great deal of interest from crypto investors in the next few months to rent out our incredible supercars.