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Auto dealer rolls out Bitcoin-backed loans for luxury car purchases By BTC Peers

by Mike Robinson

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© Reuters. A dealer offers Bitcoin-backed loans to luxury vehicle buyers

Post Oak Motor Cars in Houston (POMC), has teamed with New York Digital Group, crypto custody firm (NYDIG), to offer customers the option to pay for vehicles through Bitcoin-backed loans.

POMC clients will have access to an extensive range of services (including custody) through the partnership with the Bitcoin-focused Financial Services Firm.

The collaboration will enable POMC to offer customers access to NYDIG’s institutional-grade, 100% cold storage custody solution […]Customers are not required to pay interest during the term of the loan.

According to an official press release, customers who don’t wish to sell their Bitcoin can use them as collateral and access a portion of its value by borrowing USD.

Due to the full-stack nature of NYDIG’s platform, the partnership makes it possible for POMC to use its appreciated Bitcoin treasury holdings to fund further expansion. It will also allow the company’s employees to allocate a portion of their paychecks to Bitcoin.

“POMC will be leveraging NYDIG’s platform to hold its appreciated Bitcoin treasury position and efficiently finance an expansion of POMC’s footprint,” said the Houston-based auto dealer.

While commenting on this issue, Patrick Sells, Chief Innovation Officer of NYDIG, stated:

As we begin to unlock Americans’ Bitcoin spending power, this partnership is a significant milestone. We can lend USD against Bitcoin without them selling long-term Bitcoin investments.

In addition, the announcement revealed that POMC had already sold its first luxury vehicle financed using Bitcoin. One client purchased a Rolls Royce Ghost (LON:), Ghost financed using Bitcoin at NYDIG. Furthermore, POMC revealed that its new state-of-the-art facility located in Woodlands, Texas would become the company’s first Bitcoin-financed project.

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