Porsche Towson, the only private Porsche headquarters in Baltimore, begins accepting payments with Dogecoin (DOGE) and Shiba Inu (SHIB)
Institutional adoption of cryptocurrencies continues to increase. Porsche's Towson dealer, one of the world's largest automobile brands, will accept Bitcoin and some altcoins as a means of payment. BitPay, the world leader in blockchain payment technology, is leading this industry.
With the announcement of this innovation by the Porsche dealer in the US state of Towson, it is on the agenda of the crypto market, while the number of partnerships that Bitpay has made is increasing day by day.
Announcing that they have partnered with Porsche Towson, Bitpay will now allow crypto money to be accepted for vehicle purchases.
While this partnership excites many crypto investors, the increase in crypto adoption continues to raise the market value of the crypto industry.
The dealership, which sells both new and used Porsches, has started accepting the world's two most popular meme tokens, Dogecoin and Shiba Inu, in addition to Bitcoin.
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE) and Shiba Inu (SHIB) as cryptocurrencies to be used in vehicle trading at Porsche Towson dealer via Bitpay ) has been announced.
While payments are accepted with these 7 cryptocurrencies, it has been added that trades can be made with 5 stablecoins (GUSD, USDC, USDP, DAI and BUSD) indexed to the US dollar.
BitPay made a total of 76,583 payments last month. Bitcoin accounts for more than half of the company's transactions.
In 2013, an Austin family made headlines after selling their 2007 Porsche Cayman S for 300 Bitcoin. Since then, dozens of auto dealers have embraced cryptocurrencies. Earlier this month, Dutton Garage, one of the world's top sellers of exotic and rare cars, partnered with Australia-based crypto exchange CoinSpot to accept 30 cryptocurrencies. Porsche entered the NFT industry last year by launching Fanzone, a platform for NFT trading.