Southern California-based luxury vehicle creator, Karma, has adopted cryptocurrency Bitcoin and at the same time opening its platforms to co-develop and test blockchain technology.
The electric vehicle creator and high-tech incubator says it has started using its shop in Newport Beach, Calif., to help increase the expertise of its shareholders in blockchain technology by accepting Bitcoin as a payment option.
Karma says it is helping Wanxiang Group, one of its partners to test blockchain technology.
Wanxiang Blockchain Lab and Karma announced the partnership during the Shanghai International Blockchain Week 2019.
Vehicles in Karma’s Newport Beach shop can now be bought using Bitcoin. As well, any form of sales and services can also be done using cryptocurrency.
According to Karma, the adoption of Bitcoin illustrates its commitment to VVIP customer treatment and showcases how the brand is working on becoming a high-tech incubator.
Not long, Karma moved its store to Newport Beach and renamed the facility to Karma Newport Beach.
Karma is going beyond creating electric vehicles. The firm offers startups incubation platform to work on their emerging technologies. The company has nearly 1,000 employees across the world.
In March, Karma invested $7.5M that brought about the installation of an outstanding powertrain test labs. The installation is geared towards increasing the potential of Karma as well as its engineering expertise.
The adoption of cryptocurrency is being affected majorly by stiff regulations across the globe. This is seen in the ongoing condemnation of Facebook’s Libra by regulators across the globe.
Recently, two U.S lawmakers threatened to go at any length with payment firms supporting Facebook’s Libra, claiming the social media giant behind the digital currency has not been clear enough regarding the cryptocurrency.
Meanwhile, Facebook continues to work on its digital currency by electing members of the Libra association while the likes of Visa, PayPal, Mastercard and so on pulled out.