Bitcoin, Ethereum and Stellar Lumens will be available as payment options on the TruckPay Fleet Management and MyTruckScales platforms, the release stated.
TruckPay CEO and President Barry Honig said the decision was spurred by the growing acceptance of cryptocurrency in the payments world, especially as Tesla prepares to allow bitcoin as a payment method, according to the release.
Honig said in the release that he wants to “allow users of our platforms to pay their subcontractors and independent owner-operators in a variety of cryptocurrencies, if they so choose.”
TruckPay Vice President and Chief Technology Officer Benjamin Honig has been active in the crypto industry for the past four years and has developed a familiarity with the form of currency, according to the release.
“I appreciate how cryptocurrencies can be used to help serve some of our underbanked drivers and contractor companies, especially ones in places like Latin-America and Africa that have unstable fiat currencies,” Benjamin Honig said in the release, adding that he has “established an extensive network of resources in the crypto software development space that will allow TruckPay to not only initially allow crypto payments on the platform, but will also, eventually, allow us to offer other related value-added services.”
Barry Honig said in the release that he wants to offer cryptocurrencies alongside the company’s existing multi-lingual and multi-metric features in order to “fully realize TruckPay’s goal of making our products accessible to any job creating company, subcontractor, driver and truck scale owner anywhere in the world.”
The news comes after TruckPay introduced its multi-currency, multi-lingual and multi-metric fleet management logistics platform last year, according to the release, which went to serve the needs of the aggregates, asphalt, scrap metal, recycling, demolition, agricultural and landfill industries.
Trucking industry companies have had to consider multi-pronged approaches to cost-saving and financial matters during the pandemic. According to a PYMNTS report, the first Paycheck Protection Program (PPP) round put $12 billion into trucking companies. Partnerships could help alleviate pains even more, though, such as Pilot Company working with RTS Financial to combine the former’s fueling service with the latter’s factoring product for streamlined cash flow management.