Post Oak Motor Cars (POMC) and crypto-custodian firm NYDIG recently announced a partnership that allows the Houston-based car dealership to sell vehicles through Bitcoin-backed loans.
Partnering with the Bitcoin-focused financial services company will give POMC customers access to a full-fledged Bitcoin sequel (BTC) services, including custody and loan.
Integrate Bitcoin into the company’s business operations
“The collaboration will allow POMC to provide customers with access to NYDIG’s 100% institutional grade refrigerated storage solution,” the ad read.
“The product does not require customers to make interest payments during the term of the loan,” according to the press release, which explains that customers who do not wish to sell their Bitcoin can access some of its value by borrowing USD, using Bitcoin as collateral.
Through NYDIG’s full-stack platform, the partnership will also allow POMC to use its valued Bitcoin cash holdings to fund further expansion, and allow company employees to allocate a portion of their checks. payroll to Bitcoin.
At NYDIG, our mission is to safely unlock the power of Bitcoin. Our partnership with Post Oak Motor Cars will provide customers with a unique opportunity to purchase luxury vehicles funded by Bitcoin and allow employees to automatically convert payroll to Bitcoin. https://t.co/pIsHmsBZlj pic.twitter.com/MjclSwZbq9
– NYDIG (@NYDIG_BTC) 28 October 2021
“POMC will leverage NYDIG’s platform to maintain its appreciated cash position in Bitcoin and effectively fund an expansion of POMC’s footprint,” the Houston-based car dealership said.
Additionally, POMC has revealed that its new, state-of-the-art location in The Woodlands, TX will count as the company’s first Bitcoin-funded venture.
Bitcoin-funded Rolls Royce Ghost purchase
“In today’s rapidly changing financial landscape, we are proud to partner with a company like NYDIG to provide our customers with the ability to finance a car with a loan secured by Bitcoin,” said Lonny Soza, Director general of POMC.
The press release also announced that POMC had already sold its first luxury automobile funded by Bitcoin.
One of the POMC clients made a purchase of the Bitcoin-funded Rolls Royce Ghost held at NYDIG.
“This partnership marks an important milestone as we begin to help Americans unlock the purchasing power of their Bitcoin by borrowing USD against it without selling their long-term Bitcoin holdings,” commented Patrick Sells, director of Bitcoin. innovation at NYDIG.
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