Oklahoma-Based Automotive Company Starts Accepting Cryptocurrencies as Payment

As giant corporations like Facebook and Walmart are looking for ways to integrate blockchain into their business models, small businesses are following suit since the advantages offered by the technology are remarkably efficient.

One such company is Oklahoma-based automotive company Classic Recreations, which recently announced it will accept cryptocurrencies as a means of payment. The reason behind the move is for the business to widen its customer reach on a global scale.

“My entire life I have had a strong fascination for technology and its evolution,” said Classic Recreation owner Jason Engel. "Cryptocurrencies have come a long way and continue to solidify themselves as a legitimate currency on the global market. The true beauty of accepting cryptocurrency is the universal aspect of it which allows Classic Recreations to connect with consumers from anywhere in the world.”

The automotive company is said to be the first car fabricator to recognize virtual currencies as a form of payment, BitsOnline reported. Classic Recreation is now accepting Litecoin, Ether, Bitcoin, and Bitcoin Cash to conduct its transactions. Docademic cryptocurrency, a relatively unknown coin, is also accepted.

Customers who wish to conduct business with the company can make a purchase and send their payments directly to Classic Recreation’s digital wallet. This move puts Classic Recreation ahead of the market because several studies showed that young people are particularly interested in alternative money.

A Creditcoin-backed survey showed that the crypto market is seeing a significant number of young Americans entering the nascent industry. According to the report, over 26 million Americans have already thrown their hat into the cryptocurrency ring, with many of them millennials.

This trend is not seen in the U.S. alone but is expanding across the world. Consulting firm Capgemini detailed in its World Wealth Report for 2018 that high-net-worth individuals (HNWI) are joining in this trend as well.

The recently published report found that 27 percent of millionaires showed general interest in cryptocurrencies, while 29 percent expressed particularly high interest.

The analysis also showed that this increased interest in crypto has differing levels depending on location. Europe, Japan and North American participants showed a moderate interest, while 60 percent of respondents coming from South America showed high levels of interest.