Porsche Dealer Starts Accepting Payments in Shiba Inu (SHIB)

Yuvi
Yuvi
4 Min Read

Porsche Towson, a Porsche dealer based in Baltimore, has announced a partnership with the crypto payment processor BitPay, to accept payments in various cryptocurrencies listed on the crypto payment processor, including the Sexiest meme token in the market, Shiba Inu (SHIB).

Porsche Dealer Starts Accepting Payments in Shiba Inu (SHIB)
Porsche Dealer Starts Accepting Payments in Shiba Inu (SHIB)

The new development was announced on Twitter by BitPay a couple of hours ago.

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BitPAy tweeted, “Turn your crypto into precious metal at Porsche Towson. Now accepting Crypto as payment for vehicle purchases.”

The new development suggests that the Porsche dealer, which offers both new and used Porsche cars, now accepts payments in varied crypto, including Bitcoin (BTC), Dogecoin (DOGE), Shiba Inu (SHIB), among others.

BitPay, which is headquartered in Atlanta, Georgia, was founded in May 2011 by Tony Gallippi and Stephen Pair. The goal was “to make it easy for businesses to accept bitcoin payments,” and by September 2013, over 10,000 dealers were accepting Bitcoin (BTC) with the help of BitPay. Currently, the company claims to be “the largest bitcoin payment processor in the world, serving businesses on 6 continents.” Amongst its backers are Index Ventures, Founders Fund, and Felicis Ventures.

Here is how BitPay described the Shiba Inu project and the SHIB Token:

Porsche Dealer Starts Accepting Payments in Shiba Inu
Porsche Dealer Starts Accepting Payments in Shiba Inu (SHIB)

On 8 December 2021, BitPay announced in a blog post that SHIB fans could “buy, store, swap and spend with this Ethereum ERC-20 token directly in the BitPay app.”

“Anonymously created in August 2020, the decentralized meme token is another token inspired by the Japanese dog breed Shiba Inu. The token has recorded the greatest increase in value and popularity in 2021 of all the cryptocurrencies thanks to its community of supporters, the SHIBArmy. Unlike other cryptocurrencies, SHIB was built with a total supply of one quadrillion, so investors of SHIB can hold up to trillions in their wallets. The token has evolved into the Shiba Inu ecosystem called ShibaSwap, a decentralized exchange on the Ethereum network. SHIB has two sibling tokens, Leash and Bone.“

stay said that the BitPay Card (which you apply for via the BitPay app and which seems to be available only in the U.S. at the moment) can be “used wherever MasterCard is accepted” and that the main way it differs from using a traditional debit card is that with its debit card you load it via any of a large number of crypto wallets.

BitPay’s press release mentioned that Stephen Pair, CEO of BitPay had this to say about this integration with SHIB:

Porsche
Porsche

“The Shiba Inu community is passionate about its coin and serious about giving those consumers places to spend SHIB. BitPay believes that the more community involvement from coin holders supports awareness and adoption helping to move the blockchain industry to pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.“

The press release went on to say that the other cryptoassets that BitPay merchants can accept are Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDP, and USDC).

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Co-founder of Xryptonation.com, Senior Author, Editor, Blockchain Expert.
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