Honda Launches US Crypto Payments: An Acceleration into Mainstream DeFi Adoption
4 Oct 2023 by Rory Kejzerko 1 min read
Honda Launches US Crypto Payments: An Acceleration into Mainstream DeFi Adoption

In a collision that sees DeFi meet cars, Japanese automobile manufacturer Honda has launched crypto payment options for its US consumer base.

To do so, the company has partnered with blockchain payments platform FCF Pay. Per a Twitter (X) announcement from the crypto company, the list of cryptos featured in the development includes mainstream cryptos and stablecoins such as Bitcoin (BTC)Ethereum (ETH)XRPUSDTUSDC, and many more, as well as leading memecoins such as Shiba Inu (SHIB), PepeCoin (PEPE), and Dogecoin (DOGE)

As a now-deleted Twitter (X) thread showed at the time, when FCF Pay was asked ‘What are your fees like on a $30k Honda purchase?,’ the firm responded by saying a ‘Flat fee of 3usd + 2%’. Such fee structure is expected to be deployed across all crypto payments made through the initiative, whether that be car purchases, finances, or leases. 

Although Honda customers in the US’s $104+ billion automobile market are of main concern here (i.e. a market that Honda reportedly holds a 6.7% share in (per 2022 stats from Statista)), the move also aligns with Japan’s nationwide mission to become a leader in Web3 innovations, adoption, and use cases. 

Additionally, the joint initiative is planned to be rolled-out to the company’s global audience once a successful first phase has been completed. 

With the inauguration of crypto into a context that many would deem as their ‘second largest’ investment (after real estate), Honda has inadvertently elevated crypto’s stature as a legitimate and widely-useable payments option that can be deployed across any type of transaction, irrespective of how substantial it may be. 

That being said, the company isn’t even the first Japanese automotive maker to launch crypto payments for customers, as secondary sale car site SBI Motor initiated DeFi payments last year. On the global sale, Elon Musk’s Tesla accepts Bitcoin and his adored Dogecoin. 

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This article is intended for educational purposes and is not financial advice.