- Europe’s leading tyre retreader company Vaculug will accept crypto payments.
- It will become the first in its sector ever to accept crypto payments.
- Specifically, it will accept Bitcoin (BTC) and Ethereum (ETH).
The adoption of cryptocurrencies continues to spread wide across commercial sectors other than the finance and technology sector, as it has gained another type of audience this time.
Vaculug, a British company that bills itself as Europe’s largest independent tyre retreader, will now accept cryptocurrencies for its products and services. The company said its business must move with the times and offer its customers an extra choice of payment methods than pounds and pence.
The company, which specializes in retreading and recovering tyres with rubber, headquartered in the United Kingdom, said in a recent press release that it would accept the two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), as a means of payment for tyres and related services in addition to the existing fiat currency method. Vaculug customers can pay a certain amount of BTC or ETH and pounds or pence for services rendered.
Notably, Vaculug will be the first in the industry to adopt cryptocurrencies as a payment method as it intends to sign fixed-price contracts in crypto per kilometer and crypto per vehicle format in case customers wish to fix or link them to the prices of the two supported cryptocurrencies.
Vaculug seems to believe in the power of cryptocurrencies as the company’s IT manager Jason Humphries recently expressed his gratitude for being the first retreader company in its sector to accept cryptocurrencies as a method of payments, adding that the new method will reduce transaction costs in favor of both parties and also add some values to the buyer, he commented:
We believe that all businesses will have to accept cryptocurrency in the near future and we are proud to be the first retreader to do so.
Vaculug will be partnering with Dunross and Chain Ltd, a platform developed with Israeli cybersecurity firms for securing purposes, who will be handling its cryptocurrency payment processing.
