Cion Digital enters Canadian market to help car dealers accept crypto

Cion Digital, a crypto-focused firm that seeks to help more people buy cars using their crypto holdings, has expanded into the Canadian market.

The company said in an announcement on Monday that its entry into Canada would see auto dealers begin to accept car purchases paid for using cryptocurrency. The company will provide the transaction support dealers need to accept the crypto payments.

The firm will also help auto dealers by handling lending arrangements via its marketplace, where buyers can use their crypto holdings as collateral for loans offered at low interest rates.

Fred Brothers, President, and Co-founder of Cion Digital said in a press release:

Cion Digital already has partnership arrangements with two Canadian dealers - Ontario-based Budds’ and Toronto’s Farquhar Chrysler. Budds’ will begin accepting crypto for cars at its BMW, Land Rover, and Jaguar locations before extending that to brands such as Subaru, Cadillac and Buick.

The expansion into Canada comes after a recent deal between Cion Digital and CarNow, a leading digital retailer in the automotive industry. The partnership allowed customers to buy cars with crypto at nearly 5,000 CarNow-affiliated dealers