Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.

Vaculug to Take Major Coins, Offer Contracts in Cryptocurrency

U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.

In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.

Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.

Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.

“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.

Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.

Do you expect increased adoption of crypto payments after this month’s relatively positive developments in the markets of major coins like bitcoin and ether? Tell us in the comments section.

Image Credits: Shutterstock, Pixabay, Wiki Commons, celio messias silva