CryptoAutos has recently announced that it will allow people to purchase and rent cars on its platform using ICE, the native token of the Ice Open Network. This launch of the $ICE payments is the first major step towards taking decentralized finance to the traditional car market, and with only a few clicks, token holders can access real-world utility.
Accepting $ICE, CryptoAutos is capable not only of extending its payment platform but also of taking advantage of the potentially enormous audience at Ice Open Network, comprising over 40 million users and expanding fast.
Enabling Seamless Crypto Payments for Vehicles With CryptoAutos
This relationship allows ICE users to buy new or used cars in a wide marketplace of automotive dealer partners in the UK and Europe and pay for rental contracts using their crypto wallet.
This simple payment flow requires no banking infrastructure or foreign currency costs and delivers a safe and fast checkout process.
Disrupting a $4.1 Trillion Industry
The international automobile industry earns an annual turnover of over 4.1 billion dollars. The industry has relied on outdated banks and complex credit checks for decades. CryptoAutos aims to implement changes by introducing permissionless instant payments.
Expensive transactions occur quickly and free of congestion due to ICE being an ultra-fast Layer 1 blockchain that was created with an emphasis on privacy and scalability. Large-scale transactions, like buying a car, require this level of speed.
With the issue of cryptocurrency adoption, one can see that even for high-value day-to-day spending, digital platforms such as CryptoAutos are proving to be useful.
Implications for Web3 Mass Adoption
CryptoAutos and Ice Open Network are bridging the world of the Web2 trading platform to the Web3 payment channel, opening an opportunity to expand the list of blockchain applications.
The low cost of purchasing or renting a vehicle, by a small token, reduces the cost of entry for newbies and attracts them to participate in the decentralized ecosystem.
The Ice Open Network shows the adaptability of the ICE token even outside the on-chain applications.
With increased availability of tokenized payment systems to users, the use of crypto will not be seen as a form of investment but rather as a currency with actual buying power.
Final Words
The alliance between CryptoAutos and Ice Open Network can be noted as a partnership established to open more applications of digital tools.
Other industries might adopt this model, leading to the next generation of blockchain applications that are relevant to daily consumers.
