South African fintech startup 6DOT50 has partnered with BTS and Serti Solutions to introduce cryptocurrency payments for vehicle purchases. This collaboration allows customers to buy both new and used cars at over 1,400 dealerships using eight different cryptocurrencies, including Bitcoin (BTC).
In its statement, 6DOT50 explained that its platform leverages a voucher system to mitigate the risks linked to cryptocurrency transactions by seamlessly bridging the gap between crypto and fiat currencies. The company also reported processing crypto transactions worth approximately $1 million across more than 90,000 retail locations.
With this new offering, 6DOT50 becomes part of a growing trend in South Africa, joining retail giant Pick n Pay in enabling digital asset payments. In February 2023, Bitcoin.com News reported that Pick n Pay had begun accepting bitcoin as a payment method at over 1,500 locations across the country.
Explaining the motivation behind forming the partnership, 6DOT50 founder Warren Venter stated:
“By establishing a link between cryptocurrency holders looking to spend their assets and dealerships requiring payments in local fiat currency, 6DOT50 vouchers offer an ideal solution,” said Warren Venter, founder of 6DOT50. “The process is swift and straightforward, eliminating volatility risks and minimizing complex integration requirements. We are thrilled to introduce this payment alternative across an extensive network of dealerships.”
The statement explains that potential buyers can seamlessly exchange their cryptocurrency for 6DOT50 vouchers. These vouchers can then be redeemed via a link on the Seriti Solutions platform. The South African startup emphasizes that this simplified approach provides a hassle-free alternative to conventional payment methods, allowing dealerships to expand their customer reach.