Europe’s largest private retreader becomes world’s 1st in the sector to accept Bitcoin

2 months ago
2 mins read

Europe’s leading independent tires retreader, Vaculug, has announced it will accept cryptocurrencies as part of its payment plan. The incorporation now makes Vaculug the first firm in the field to add crypto payments.

Clients will now be able to purchase tyres alongside other related services through Bitcoin (BTC) and Ethereum (ETH), Vaculug said in a press statement published on August 12. 

Furthermore, the firm stated that it would sign its PPK and PPV fixed price contracts in crypto per kilometre (CPK) and crypto per vehicle (CPV). The service will apply to clients who aim to fix or link their contracts to the price of Bitcoin or Ethereum.

Benefits of crypto payments 

According to the Vaculug’s IT manager, Jason Humphries, the firm opted for cryptocurrencies and blockchain to support customer needs. He further cited the benefits of crypto, like instant and cost-effective transactions. 

“Blockchain technology is not the future but the NOW. 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,” said Humphreys. 

He added: 

“We believe that being a customer centric company we must move with the times and offer our customers more options than just pounds and pence. Moreover this lowers the cost of transactions for all parties involved and provides more value to our customers.”

Notably, cryptocurrency payment features come as the global price of different digital assets plunged significantly in 2022. However, Ethereum and Bitcoin have registered minor gains since July as they attempt to exit the bear market.

More firms turn to crypto payments 

In general, most global companies are increasingly incorporating crypto payments into their services to attract new customers and leverage crypto benefits like instant payments. 

As reported by Finbold, one area recording increased crypto payments is the luxury watch industry despite the heightened volatility. TAG Heuer and Hublot are among the top brands embracing crypto payments.

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.