South African fintech startup 6DOT50 has teamed up with BTS and Serti Solutions to introduce cryptocurrency payments for vehicle purchases. Through this collaboration, customers can now buy new and used cars at over 1,400 dealerships using eight different cryptocurrencies, including Bitcoin (BTC).
6DOT50 has developed a platform that utilizes a voucher system to minimize the risks associated with cryptocurrency transactions. By bridging the gap between crypto and fiat currencies, the company has processed approximately $1 million worth of crypto transactions across more than 90,000 retail locations.
This move by 6DOT50 aligns with a growing trend in South Africa, following in the footsteps of retail giant Pick n Pay, which started accepting bitcoin as a payment method at over 1,500 locations earlier this year.
Warren Venter, the founder of 6DOT50, expressed the motivation behind the partnership, stating, “By establishing a link between cryptocurrency holders looking to spend their assets and dealerships requiring payments in local fiat currency, 6DOT50 vouchers offer an ideal solution. The process is swift and straightforward, eliminating volatility risks and minimizing complex integration requirements. We are thrilled to introduce this payment alternative across an extensive network of dealerships.”
Potential buyers can easily exchange their cryptocurrency for 6DOT50 vouchers, which can then be redeemed through the Seriti Solutions platform. This simplified approach provides a hassle-free alternative to traditional payment methods, enabling dealerships to expand their customer reach.
The introduction of cryptocurrency payments for car purchases by 6DOT50 marks a significant step towards the mainstream adoption of digital assets in South Africa. This innovative solution not only benefits cryptocurrency holders but also empowers dealerships to embrace new payment technologies and cater to a broader customer base.
