back Back

Cion Digital expands into Canada to support cryptocurrency transactions

By Edlyn Cardoza

May 10, 2022

  • ACH
  • AML
  • Auto Dealers
Share

Cion Digital, CarNow, Auto Dealers, Real Time Payments, Digital Assets, Compliance, AML, KYC, Fiat, ACH, CanadaAs the demand for buying cars with crypto is quickly surging globally, Cion Digital recently announced its expansion into the Canadian market to enable auto dealers to support cryptocurrency transactions. This new capability allows Canadian car buyers to purchase cars using cryptocurrency for payments and lending.

“With almost half of Millennials now owning crypto, we are delighted to help Canadian dealers support this fast-growing market of buyers who demand more financing and purchasing options at the dealership,” said Fred Brothers, President and Co-founder of Cion Digital. “The Cion Digital platform offers significantly lower loan rates and a first-of-its-kind lending marketplace. We help car dealers support the future generations of car buyers who often have non-prime credit ratings because established credit systems are tough for newer entrants to the market.”

Two of the progressive first Canadian dealers to offer this service to their customers include Budds’ family-owned automotive stores and services in Southern Ontario and Farquhar Chrysler, based north of Toronto. 

“We’re excited to announce we have partnered with Cion Digital to offer car buyers a brand new payment experience. With more and more customers investing in cryptocurrency, the time is right to offer easy-to-use crypto payment options and crypto secured loans,” commented Chris Budd, General Manager at Budds’. “We are planning to launch crypto payments first with our BMW, Land Rover, and Jaguar locations and crypto secured loans shortly after. We are also retailers of Subaru, Mazda, Cadillac, Chevrolet, Buick, GMC, and Mini, and look forward to expanding access to crypto for all brands. We’re proud to be one of the first dealerships in Canada to join the crypto evolution of payments.”

Cion Digital enables car buyers to purchase and finance vehicles through cryptocurrency. The ready-to-deploy modular payments and the lending platform provides auto dealers with access to all the connectivity, infrastructure, and support needed to rapidly deploy blockchain-based real-time payments and lending solutions and incorporate digital assets into existing traditional and legacy financial systems. Cion Digital is the first crypto lending marketplace that allows car buyers to use their crypto as collateral for loans at highly competitive rates. 

Car buyers can place a deposit on a vehicle with cryptocurrency, make a down payment, or pay for the vehicle in full. Car buyers can also use cryptocurrency as collateral to qualify for low-interest loans with lenders in Cion Digital’s lending marketplace. This provides a strategic edge for dealerships and a better deal for car buyers.

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) in just a few seconds. Dealers can then choose when they want to transfer settled funds via ACH into their bank account. 

“As we kept seeing more and more millennials and future generations turn to crypto, we knew we needed to find a quick and innovative solution to support these new car buyers,” said Ryan Farquhar, Owner and President of Farquhar Chrysler.  “Fortunately, Cion Digital allows car buyers to buy with crypto and for those needing financing, Cion Digital will allow our car buyers to access a lending marketplace with competitive rates in real time at our dealership. We know that having super prime credit scores is unrealistic for younger generations so finding a process to support them without relying strictly on antiquated credit scoring was essential for us.” 

Cion Digital’s expansion into Canada follows the company’s recent announcement of a partnership with CarNow, the automotive industry’s leading digital retailing company, to make crypto payment options available to CarNow’s entire network of approximately 5,000 dealers, in addition to a strategic partnership between SALT and Cion Digital to bring SALT’s crypto lending solutions to 5,000+ auto dealerships in the US. 

Previous Article

May 10, 2022

ImageNPay partners with students in Ecuador to protect ecosystems

Read More
Next Article

May 10, 2022

MultiBank Group reveals new crypto brand, MultiBank.io

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

ACH

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 12, 2024

Navy Federal Credit Union expands partnership with Backbase

Read More

April 12, 2024

FinTech Focus: Catch latest developments of the week

Read More

April 12, 2024

Parafin secures $125m warehouse facility from Silicon Valley Bank & Trinity Capital

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023