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Leading European Tire Retreader Vaculug to Accept Crypto Payments – Bitcoin News
Vaculug, a British company that marks itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. The management says the business needs to move with the times and offer customers more options than pounds and pence.
Vaculug to take large coins, offer contracts in cryptocurrency
British tire retreading company Vaculug has announced that it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as payment for tires and related services. The company claims it is the first in the industry to do so.
In a press release, Vaculug also revealed that it intends to sign fixed price contracts in “crypto per kilometer” and “crypto per vehicle” formats, if customers want to fix or link them to the prices of the two supported cryptocurrencies.
Blockchain is not the future, but the present, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.
Humphries believes the company, which he describes as customer-centric, must move with the times and offer customers “more options than just pounds and pence”. He also insists that crypto payments will lower transaction costs for both sides while providing more value for the buyer.
“We are proud to have partnered with Vaculug to develop the modules required for their industry-leading VMS management system to receive secure payments through the blockchain,” said Sam Dunross, CEO of Dunross and Chan Ltd. which will process crypto transactions. He added that the platform has been developed with cybersecurity firms from Israel to ensure it is secure.
Despite the recent downturn in the crypto market, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it is accepting a dozen coins in the US through an integration with Bitpay. And a survey conducted by financial firm Deloitte and payment processor Paypal showed that 85% of merchants consider activating this payment method as a high priority.
Do you expect an increase in the use of crypto payments after this month’s relatively positive development in the markets of major coins such as bitcoin and ether? Tell us in the comments section.
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