While the likes of bitcoin has become more and more popular as a form of payment for goods and services in recent times, it still has a long way to go before there is mass adoption. Many vendors, for instance, don’t have the know-how or desire to deal with accepting payments in cryptocurrencies, especially when the markets can be so volatile.
L’Operaoi Sees the Light
The dealership has entered into a partnership with the most significant crypto exchange in Japan, bitFlyer. This agreement means that the bitcoin payment option will be backed by a reputable crypto exchange from the region.
This kind of partnership is not the first time bitFlyer has teamed up with a company outside of the crypto space. In most cases, a settlement cap is also established between the two firms to limit the size of the cryptocurrency transaction.
Usually, this amount would be in the range of $900 to $2,760. However, L’Operaoi is making a bold move and allowing their customers to buy cars that are worth as much as 100 million yen (about $1 million) using bitcoin.
This is a significant move that will be closely watched by many other companies in both the car industry and other sectors alike. If it proves to be successful, it could lead to the more widespread adoption of cryptocurrencies for making high-end purchases.
Unveiling a Payment Tool
In the beginning stages, there will be an option to pay with bitcoin at the L’Operaoi dealerships in Aoyama, Setagaya, and Nerima, all of which are located in Tokyo, Japan.
Depending on how successful this new payment option is, they will look to expand into all of their dealerships in the future.
This arrangement is yet another significant move from bitFlyer, as they look to establish their dominance in the Japanese market.
It was only recently that they had their crypto wallet integrate into major electronics retailers in the country, including some Yamada Denki stores and all Bic Camera stores.
They have even been looking to expand their operations into the United States, as well as the European market. In January 2018, they acquired a European Union payment institution license.
It is clear that bitFlyer means business and they are looking to set themselves up for future success on a global scale.