Innovators in the automotive market The Auto Block will aim to revolutionize the car sales process by creating the industry's first cryptocurrency.
The creation of Auto Coin means that investors who hold the online currency have so far struggled to spend their digital assets will be able to convert their cash into cars for the first time.
UK car dealers are now being encouraged to adopt the new technology, with The Auto Block stating that transactions without sterling will be easy, secure, immediate sales involving less risk than bank transfers or card payments. debt, in addition to minimizing these transaction costs.
Mohamed Ezeldin, director of The Auto Coin, said: "The Auto Coin will offer dealers a competitive advantage in a highly saturated market and will start opening completely new revenue streams, just as the Internet did about 20 years ago. "
The Auto Block said that there were currently thousands of cryptocurrencies in circulation with millions of owners around the world who are not able to turn their digital assets into tangible products, since it was virtually impossible spend it – in particular in the United Kingdom.
Dealers will now be able to instantly convert The Auto Coin into pounds, he said, hitting their bank in seconds when buyers buy a vehicle – opening new doors for both industry owners and cryptocurrency .
Ezeldin said: "The creation of The Auto Coin is simply a solution to an existing problem.The people who have invested in cryptocurrency want to be able to use it and we know that being able to buy a car is top of the list
"By introducing The Auto Coin into its business, car dealers will be able to process the cryptocurrency instant payments, but they will also benefit from our car sales portal where they can advertise their shares for free, attracting requests not only from the UK but globally, encouraging further sales opportunities that have not yet been addressed by the industry. "
Auto Block will offer car dealers the complete Auto token purchase platform from the start of 2019, allowing buyers to scan a QR code to make the purchase of their vehicle.
Thomas Delgado, administers CEO of the car purchase group We Buy Cars Today, he believes Auto Coin will transform the industry. He said: "As one of Britain's leading car-hire companies, with hundreds of thousands of customers in the last seven years, we recognize that this form of payment is gaining momentum
" As a result, we are pleased to be among the pioneers to offer the Auto Coin option, believing that it will make transactions faster and safer for customers, while we will unlock new business opportunities for ourselves. "