Houston auto dealer offers Bitcoin loan backed luxury cars trade

On Nov 1, 2021

Post Oak Motor Cars established a partnership with NYDIG to offer cars purchase for their customers with Bitcoin backed loans.

NYDID announced its partnership with Post Oak Motor Cars (POMC). Under the partnership agreement, NYDIG will provide a crypto custody services based facility to enable POMC customers to buy luxury cars items.

Through the announcement, they confirmed the safety of the funds ( Bitcoin)

“The collaboration will enable POMC to offer customers access to NYDIG’s institutional-grade, 100% cold storage custody solution”

Through the press release, POMC explained the advantages of the Bitcoin loan back service. According to POMC, this service will be helpful for those people, who want to use their Bitcoin asset for the car purchase but they don’t want to sell their Bitcoin holdings.

POMC also claimed that their while customers using this service don’t need to pay interest on the loan in the whole life cycle. So it will be a type of facility for the Bitcoin holders to remain free from the tension to sell their Bitcoin.

At NYDIG, we're on a mission to safely unlock the power of Bitcoin. Our partnership with Post Oak Motor Cars will bring a unique opportunity for customers to buy luxury vehicles financed by Bitcoin and allow employees to auto-convert payroll to Bitcoin. https://t.co/pIsHmsBZlj pic.twitter.com/MjclSwZbq9
— NYDIG (@NYDIG_BTC) October 28, 2021

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POMC dealer appreciated the presence of NYDIG’ bitcoin-backed services to enable the initiative of POMC. Dealer said

“POMC will be leveraging NYDIG’s platform to hold its appreciated Bitcoin treasury position and efficiently finance an expansion of POMC’s footprint,”

POMC also confirmed through the press release that the dealer already sold a Rolls Royce Ghost. And it was fully backed by the Bitcoin collateral which is held at NYDIG.

Crypto inclined services

In the present time increasing adoption of crypto assets by investors is forcing big companies to go with crypto payment based services.

Recently US biggest cinema network AMC Entertainment started to accept Bitcoin, Ethereum, Doge. And now they are planning to accept Shiba Inu coins so that AMC customers can redeem their Shiba inu assets for the gift cards to purchase services like tickets.