Submit Oak Motor Automobiles (POMC) and crypto custody agency NYDIG just lately introduced a partnership that allows the Houston-based auto vendor to promote automobiles by means of Bitcoin-backed loans.
The partnership with the Bitcoin-focused monetary companies agency will give POMC’s prospects entry to a fully-fledged suite of Bitcoin (BTC) companies, together with custody and lending.
Integrating Bitcoin into firm’s enterprise operations
“The collaboration will allow POMC to supply prospects entry to NYDIG’s institutional-grade, 100% chilly storage custody answer,” learn the announcement.
“The product doesn’t require prospects to make any curiosity funds through the lifetime of the mortgage,” in keeping with the press launch, which defined that prospects who don’t want to promote their Bitcoin can entry a portion of its worth by borrowing USD, utilizing Bitcoin as collateral.
Due to NYDIG’s full-stack platform, the partnership can even allow POMC to make use of its appreciated Bitcoin treasury holdings to finance additional growth, and permit the corporate’s workers to allocate a portion of their paychecks to Bitcoin.
At NYDIG, we’re on a mission to securely unlock the ability of Bitcoin. Our partnership with Submit Oak Motor Automobiles will deliver a singular alternative for purchasers to purchase luxurious automobiles financed by Bitcoin and permit workers to auto-convert payroll to Bitcoin. https://t.co/pIsHmsBZlj pic.twitter.com/MjclSwZbq9
— NYDIG (@NYDIG_BTC) October 28, 2021
“POMC might be leveraging NYDIG’s platform to carry its appreciated Bitcoin treasury place and effectively finance an growth of POMC’s footprint,” the Houston-based auto vendor stated.
As well as, POMC revealed that its new state-of-the-art location in The Woodlands, TX will rely as the corporate’s first Bitcoin-financed enterprise.
Rolls Royce Ghost buy financed with Bitcoin
“In at this time’s quickly altering monetary panorama, we’re proud to associate with a agency like NYDIG to supply our prospects the power to finance a automobile with a mortgage secured by Bitcoin,” stated Lonny Soza, Normal Supervisor of POMC.
The press launch additionally introduced that POMC already bought its first luxurious car financed with Bitcoin.
One of many POMC’s prospects made a Rolls Royce Ghost buy, financed with Bitcoin held at NYDIG.
“This partnership marks an necessary milestone as we begin to assist Individuals unlock the spending energy of their Bitcoin by means of borrowing USD towards it with out promoting their long-term Bitcoin holdings,” commented Patrick Sells, Chief Innovation Officer at NYDIG.
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