Cion Digital’s ready-to-deploy modular payments and platform provides companies with access to the connectivity, infrastructure, and support needed to deploy blockchain-based real-time payment and lending solutions, and to incorporate digital assets into existing traditional and legacy payment and financing systems.
This capability will be made available to CarNow’s entire network and will include a crypto lending marketplace that will let car buyers use their crypto as collateral for loans at competitive rates.
Car buyers can choose to place a deposit on a vehicle with cryptocurrency, make a down payment, or pay for the vehicle in full. The platform allows for full payment in cryptocurrency, as well as options to combine both crypto and fiat currencies in the same transaction. Car buyers can also use cryptocurrency as collateral to qualify for a low-interest loan with one of several lenders in Cion Digital’s lending marketplace. Once a car buyer chooses how they want to pay, the order is ported from the CarNow platform to Cion Digital. The integration enables buyers to progress KYC quickly and proceed to payment.
Transactions are confirmed on the blockchain and transferred in compliance with AML and KYC regulations directly to the custodian in either crypto or fiat (as requested by the dealer). Dealers can then choose when they want to transfer settled funds via ACH into their bank account.
At rollout, buyers can select from the top 20 coins including Bitcoin, Ethereum, Cardano, Tether, Litecoin, USDC, Polkadot, and Dash. Future platform enhancements will include the ability to split the purchase price among multiple coins.
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