$SHIB: You Can Now Pay For A Porsche With The Shiba Inu Cryptocurrency

On Tuesday, April 19, it was announced that Porsche Towson is now accepting the hugely popular Shiba Inu meme-based cryptocurrency ($SHIB) as payment.

Porsche Towson is a Porsche dealership in Towson, Maryland, USA that sells new and used Porsche cars. Here’s an example of one of the 2022 cars they currently have in stock:

Well, earlier today, crypto payment processor BitPay announced on Twitter that Porsche Towson is “now accepting Crypto as payment for vehicle purchases.”

BitPay, headquartered in Atlanta, Georgia, was founded in May 2011 by Tony Gallippi and Stephen Pair. The goal was to “make it easier for businesses to accept bitcoin payments,” and by September 2013, over 10,000 merchants 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”. Its backers include Index Ventures, Founders Fund and Felicis Ventures.

On December 8, 2021, BitPay announced in a blog post that $SHIB fans can “buy, store, trade, and spend with this Ethereum ERC-20 token right inside the BitPay app.”

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

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

BtPay said the BitPay card (which you request through the BitPay app and which appears to be only available in the US at the moment) can be “used anywhere MasterCard is accepted” and the main difference with the Using a traditional debit card is that with its debit card, you load it through one of many crypto wallets.

As for where you can buy using $SHIB in your BitPay debit card, Walmart, which is the largest company in the world by revenue, already allows you to spend your $SHIB in physical stores or for purchases in line. For people who don’t have a BitPay debit card, one online shopping giant that already supports $SHIB is Newegg. BitPay says any of its merchant customers should now be able to easily add support for $SHIB as a payment method.

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

The Shiba Inu community is passionate about their currency and serious about giving these consumers places to spend SHIB. BitPay believes that more community participation from coin holders drives awareness and adoption, which helps 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 other crypto-assets that BitPay merchants can accept are Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin ( WBTC), and five USD-pegged stablecoins (BUSD, DAI, GUSD, USDP, and USDC).

Warning

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.

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$SHIB: You Can Now Pay For A Porsche With The Shiba Inu Cryptocurrency


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