OKX SG partners with McLaren dealer for crypto-funded car purchases
VIP customers can convert digital assets into Singapore dollars to buy vehicles, while the dealer receives payment only in fiat currency.
OKX SG has agreed with Eurokars Supersports to offer VIP customers a way to fund McLaren purchases by converting cryptocurrency into Singapore dollars. Eurokars Supersports, which is authorised to sell McLaren Automotive vehicles in Singapore, will receive fiat currency rather than digital assets.
Under the arrangement, a dedicated OKX SG relationship manager will coordinate with the McLaren Singapore team and arrange an over-the-counter (OTC) quote for the entire vehicle price. Customers convert their holdings through the OKX SG OTC desk, withdraw the Singapore dollars into their bank accounts, then pay McLaren Singapore by bank transfer.
The arrangement also allows customers to pay with an OKX Card for deposits, servicing, accessories and parts. Eligible digital assets are exchanged for fiat when a card payment is made, with McLaren Singapore receiving Singapore dollars. OKX SG said the initiative extends its VIP offering beyond trading to purchases and other spending.
OKX SG holds a Major Payment Institution licence issued by the Monetary Authority of Singapore. Gracie Lin, Regional CEO of OKX Singapore and Australia, said OKX’s worldwide partnership with McLaren Racing, dating to 2022, helped provide the basis for the Singapore arrangement.
