Classic Parade Introduces New Crypto Payment System

Last year, a company called Classic Parade announced it was going to let crypto fans rent their classic cars using crypto. Now, the company is taking things a step further by introducing a brand new digital currency payment system.

Classic Parade Continues Its Crypto Journey

Based in the United Kingdom, Classic Parade offers a wide array of classic and luxury vehicles individuals can rent. Andrew Brown – the founder and owner of Classic Parade – explained in a recent interview:

Our clientele are international and want to be able to pay to rent our supercars without the hassle and cost of exchange rates and transfer fees. Many of our clientele have significant holdings in cryptocurrency, and so it makes sense to offer this option for them. The transactions are immediate, and we can also take the deposits in crypto as well, and then it’s easy to return the deposit after the rental has expired as well… We [need] to go through the usual identity checks needed to hire a vehicle, but these are easy to process, and it becomes much easier with every repeat transaction. This way, we can also provide adequate ‘know your customer’ checks. One of Classic Parade’s most popular cars for summer rentals is the Lamborghini Huracan Spyder, which costs £1,100 a day to rent or 1.21 ETH or 0.064 BTC. We are expecting a great deal of interest from crypto investors in the next few months to rent out our incredible supercars. Many investors are relatively young and want to show their wealth, and so the interest in supercars is very strong for this market.

The move is pushing the goals of bitcoin closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, they were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that drags them down.

Why So Many Companies Have Said “No” to Crypto

It’s hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.

Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat and 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he bought, but the store has lost money. Is this a fair situation? Not everyone thinks so.

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