The boutique electric motorcycle manufacturer Soriano Motari has announced that in addition to euros, dollars, and pounds sterling, it will also accept cryptocurrency as payment, making it the first motorcycle company to embrace this payment method. This move is consistent with the company’s exclusive, high-tech image as a low-volume producer of high-end handbuilt electric motorcycles.
“All our clients will be able to benefit from the great advantages that cryptocurrencies offer,” says Marco Soriano, founder of the group and experienced investor in cryptocurrencies. “Thanks to digital currencies such as Bitcoin, we can carry out international transactions without commissions or without attending to exchange rate fluctuations, among others.” Soriano Motori’s online store is integrated with the Coinbase cryptocurrency trading platform and an advanced blockchain system to guarantee transaction security. Soriano Motari accepts Bitcoin (BTC), Ethereum (ETH), BTC Cash, LiteCash, or LiteCoin (LTC).
Cryptocurrency is like black magic to me, so I asked Patricia Mayo, former executive and spokesperson for a crypto-asset, what she thought about all this.
“Soriano Motori is choosing to accept the most unstable currencies that all trade with Bitcoin on exchanges that Americans can currently access and use legally while ignoring the one currency, Ripple XRP, that is about to replace the global asset clearing house (ACH),” says Mayo. Instability doesn’t mean these currencies are bad. Values may change rapidly, but during the two minutes it takes to perform a crypto transaction, it isn’t going to change significantly. Currently, an ACH transaction can take four business days to go through. The stable values of fiat currencies are much more important to ensure they don’t change during that time.
“I find it especially curious that Ripple is the only currency the company does not accept,” continues Mayo. Once Ripple replaces the current ACH system, these transactions will take a fraction of a second instead of four days to complete. “This says to me the company is interested in using the cryptocurrency they receive as an investment vehicle, a second and third income stream, to grow their own books.” Indeed, given Marco Soriano’s background as a cryptocurrency investor, it’s entirely possible that the company’s move to accept crypto is more a way to grow investment in the business itself than simply a way to sell motorcycles.