The Southeast Asian digital assets exchange Zipmex has recently announced that it processed the region’s first purchase of a Lamborghini with the exclusive use of cryptocurrency.
Jo Chirawat used Zipmex’s mobile app to put a downpayment in bitcoin on a 2021 Huracán EVO RWD at Renazzo Motor Co. Ltd.; a motor retailer located in Bangkok, Thailand. The remaining balance will also be paid in bitcoin.
The purchase follows the March announcement by Tesla that the electronic vehicle company would begin accepting bitcoin payments for its vehicles. Through Zipmex’s ZipSpend crypto-payment network, Renazzo Motor accepts payment in bitcoin (BTC), USD tether (USDT), and Zipmex token (ZMT) with instant verification. The rate is frozen at the time of purchase in order to mitigate the potential of volatility.
“This is a huge milestone for Zipmex, Renazzo Motor, and cryptocurrency payments in Southeast Asia,” said Zipmex CEO Marcus Lim. “The Lamborghini brand has had special meaning in our industry and we are excited to be able to provide our users with the opportunity to do more with their cryptocurrencies.”
Zipmex is the only exchange that is live and operating in four jurisdictions, including Singapore, in a legally compliant manner. Licensed in Thailand, Zipmex’s mission is to break down barriers, then educate, excite, and enrich everyday people on its digital asset platform. Through its easy-to-use mobile apps and websites, users get access to a variety of financial services, including digital payments, exchange, and interest-bearing accounts. To date, the platform has transacted over $1 billion in gross transaction volume since its launch in late 2019. In Thailand, the company has seen 5-times growth in customer acquisition and 10-times growth in transaction volume and AUM since its summer 2020 launch.
With interest in cryptocurrencies at an all-time high, the Renazzo Motor partnership is just the start of the company’s plans for crypto-payment expansion across Southeast Asia. With the goal to bring the benefits of cryptocurrencies to everyday life, Zipmex has bolstered the list of Thai merchants integrated with ZipSpend. NOVA Contemporary Gallery allows fine art lovers to purchase art with cryptocurrencies, while WasuthaGroup, the first distributor of Tesla vehicles in Thailand, sold its first Tesla using Zipmex to process the payment in bitcoin.
Beyond Thailand, the company has its eyes on the crypto-savvy Singapore market. Known for its forward-thinking regulation of the cryptocurrency space, the country is paving the way for companies like Zipmex to flourish. The result is better and more innovative financial services for merchants and consumers.
“We are actively welcoming all partners interested in accepting crypto payments,” continues Mr. Lim. “As our team grows, we plan to scale up our merchant integration across the region, with Singapore as the focal point.”
The driving force behind Zipmex’s crypto-payment efforts is its native Zipmex token (ZMT). Launched in December 2020, the token strengthens the bridge between personal finance and personal lifestyle. Holders can invest in it like a security, stake it in exchange for interest, use it to make payments, and take advantage of its loyalty benefits with merchants. ZMT’s market cap currently stands at more than $243 million.
“ZMT allows us to bring more value to the payment process,” added Mr. Lim. “We can pass on cheaper transaction fees and other benefits directly to our users. ZMT will also power many of our upcoming products.”
In addition to its crypto-payment initiatives, the company plans to strengthen its foothold in the market with the launch of ZipNFT – a marketplace for NFTs, Z-Launch – a launchpad and funding mechanism for new projects, and ZipCard – a payment card for users.