Cion Digital reports that it has expanded into Canada to enable auto dealers to support car purchases using crypto. Cion say that crypto may also be utilized for both payments and lending.
In a release, Fred Brothers, President, and co-founder of Cion Digital, stated:
“With almost half of Millennials now owning crypto, we are delighted to help Canadian dealers support this fast-growing market of buyers who demand more financing and purchasing options at the dealership. The Cion Digital platform offers significantly lower loan rates and a first-of-its-kind lending marketplace. We help car dealers support the future generations of car buyers who often have non-prime credit ratings because established credit systems are tough for newer entrants to the market.”
Cion shares that two Canadian dealers have signed up both in Souther Ontario.
Chris Budd, General Manager at Budds – one of the dealers, said they are excited to have partnered with Cion Digital:
“We are planning to launch crypto payments first with our BMW, Land Rover, and Jaguar locations and crypto secured loans shortly after. We are also retailers of Subaru, Mazda, Cadillac, Chevrolet, Buick, GMC, and Mini, and look forward to expanding access to crypto for all brands. We’re proud to be one of the first dealerships in Canada to join the crypto evolution of payments.”
The payments and lending platform is described as providing auto dealers with access to all the connectivity, infrastructure, and support needed to rapidly deploy blockchain-based real-time payments and lending solutions. Cion Digital claims to be the first crypto lending marketplace that allows car buyers to use their crypto as collateral for loans at highly competitive rates.
Transactions are confirmed on the blockchain and transferred in compliance with AML and KYC regulations.
Cion Digital’s expansion into Canada follows the company’s announcement of a partnership with CarNow to make crypto payment options available to CarNow’s entire network of approximately 5,000 dealers. Cion has not provided overall utilization rates of individuals paying for cars with cryptocurrency.
