Tokyo, Japan’s Hinomaru Limousine Partners with RemixPoint to Let Customers Pay with Crypto
Bitcoin and other cryptocurrencies have quickly been finding ways that they are able to be adopted into the retail market. One of the most infamous transaction happened in the industry’s infancy with a purchase of pizza. Taxi cabs have recently started accepting Bitcoin in some countries, and now one limousine company will be as well. According to a report on November 4th from Bloomberg, Hinomaru Limousine Co. will be working with RemixPoint Inc. to use digital currency for their rides.
Right now, the collaboration seems to be focused on the ability to cover the rides that go between the 23 districts of Tokyo and the two major airports, Haneda and Narita, of Japan. The trial services are scheduled for this month, and the full list of accepted cryptocurrencies will likely be announced by Tuesday. However, both Bloomberg and TNW reported that the payments accepted will be Bitcoin, Bitcoin Cash, and Ethereum, though others may be added too.
TNW added an important factor in this collaboration – Remixpoint’s operation of a licensed Japanese crypto exchange called BITPoint. Since more users will need to purchase cryptocurrency for the rides anyway, it makes sense to already have a platform tied in with the partnership. With 360 limousines available from Hinomaru, there are many opportunities for consumers to use their cryptocurrency, though TNW suggests that their success could also lead Hinomaru to accept crypto for their 160+ taxis as well.
Based on the Bloomberg report, this arrangement is part of a greater whole that is working towards making the commerce industry more accepting of cryptocurrencies, especially in retails. Bloomberg commented that the drop in price this year after Bitcoin surged came as a warning sign to many economies that digital currency can be volatile, leaving little room to compete with traditional funds.
There are still many retail companies and restaurants that have been taking advantage of the opportunity to use cryptocurrency. Restaurants in Japan, North Jersey, Spain, and Kenya are offering the opportunity to use crypto to pay for meals. Some of these locations say that they want to bring in a younger crowd, while others are providing ways for the unbanked to finally use their funds.
Still, none of this has hampered Japan’s plans to create a mass adoption of cryptocurrency in their economy. TNW reminded readers that the Japanese government recently gave the crypto industry the ability to self-regulate in their country. Ripple Asia and SBI recently saw success as well, as they were authorized to use the MoneyTap mobile payment app.