Karma Automotive, a luxury electric vehicle and high-tech incubator developer based in Southern California, uses its flagship company-owned store in Newport Beach, Calif, to further assist its shareholder’s expertise in blockchain technology by accepting cryptocurrency as a form of payment.
The Chinese Wanxiang Group bought Karma’s assets from Fisker Automotive in 2014 for $149.2 million. It began building its flagship Revero vehicle in 2016, the new model of which retails for over $135,000. The Revero can reportedly travel 37 miles before needing a recharge.
Karma Newport Beach now accepts Bitcoin as a form of payment for new vehicle sales and service performed at the facility. It’s the latest example of the brand’s commitment to VVIP customer treatment and illustrates how Karma is emerging as a high-tech incubator.
Karma opening the platform to serve as a test bed to help convert theoretical blockchain applications to practical use. According to Karma CEO Dr. Lance Zhou, noting that the company is partnering with Wanxiang Group, its primary shareholder, to co-develop and test blockchain technology applications like Bitcoin. The collaboration was announced at Shanghai International Blockchain Week 2019, hosted by Wanxiang Blockchain Lab, during which international experts gathered to explore possible commercial applications and share key learnings about developing trends in blockchain technology.
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