South Korea’s Danal will accept cryptocurrency in exchange for BMWs

BMW’s concept car will be on display at the 2019 IAA Frankfurt Auto Show. South Korea’s Danal Paycoin will enable people to buy BMW automobiles using the cryptocurrency.

Danal Fintech, a blockchain-based payment platform, unveiled a new service plan that would enable customers to buy BMW automobiles using Paycoin (PCI) via a new relationship with Samchully Motors, the luxury automotive line’s local dealer.

The current news establishes the first instance in South Korea in which a car may be purchased entirely using bitcoin. Danal Fintech has acquired a supply of popular BMW sedans and sports vehicles via Samchully Motors.

“Acquire a vehicle with cryptocurrency enables us to purchase anything in the world.” Along with developing collaborations with manufacturers other than BMW, we will work to establish an ecosystem where Paycoin can be used to buy anything,” Danal Fintech CEO Hwang Yong-taek stated in a press release.

Customers will be able to manage the whole purchase process using Danal Fintech’s PCI mobile app, from contract signing and payment through vehicle release.

Since launching Paycoin in 2019, Danal has been growing its crypto payment services. It has now negotiated agreements with major convenience shops, coffeehouse chains, and fast food restaurant chains in South Korea to enable consumers to pay with PCI tokens. These include 7-Eleven, Burger King, and KFC. Its PCI app was recently updated to include a feature that enables users to purchase gift codes for the Google Play store, which can be used to download millions of apps and mobile games.

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