A Japanese car dealership that sells used imported luxury cars with showrooms in Tokyo is accepting bitcoin as a means of payment.
Announced by bitFlyer, Japan’s largest cryptocurrency exchange, a partnership with car dealership L’Operaio will see the exchange provide the technology to enable the dealer accept bitcoin from customers.
Customers will need to download and use bitFlyer’s mobile wallet application – available in iOS and Android – to make purchase up to 100 million yen, or just under $1 million, using the world’s first and most prominent cryptocurrency.
bitFlyer says the settlement of the transaction will only take a “few seconds”. Three Tokyo stores in Setagaya, Nerima and Aoyama have already begun accepting bitcoin with plans to expand the feature to all dealership stores in the future.
The Tokyo-based crypto exchange has already partnered domestic electronic retail giant Bic Camera to enable bitcoin payments following a successful trail last year. That trend is catching on, with one of Japan’s largest electronics retail chains Yamada Denki also enable bitcoin payments using bitFlyer’s point-of-sale (PoS) payments infrastructure.
bitFlyer, which sees all three of Japan’s ‘megabanks’ as investors, has also provided its proprietary blockchain ‘miyabi’ to test the viability of blockchain technology in domestic money transfers over a blockchain.