Benzinga | Apr 26, 2021 04:28PM EDT

Camping World Now Ready To Accept Cryptocurrency As Payment Option

Camping World Holdings Inc (NYSE:CWH) shares are higher Monday after the recreational vehicle manufacturer said it will start accepting cryptocurrencies as a payment option.

What Happened: Camping World, through cryptocurrency payment service provider BitPay, will begin accepting Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and select other cryptocurrencies, through a variety of digital wallets, the company said in a statement.

According to the company, the partnership will allow it to maximize convenience for the customer and attract new consumers without holding the currency on its balance sheet.

The company said it plans to initially launch the new payment option at locations in Kenosha, Wisconsin, and Chicago, then expand to all locations that sell RVs and to its e-commerce platforms this summer.

"Accepting cryptocurrency is simply another part of our vision to make RVing easy in an increasingly digital world," said Marcus Lemonis, CEO and chairman of Camping World.

Separately, Camping World announced the acquisition of the campground booking engine, Nomad Reservations.

Related Link: How to Buy Bitcoin (BTC)

Why It's Important: Cryptocurrencies are gaining mainstream acceptance, with high-profile companies such as Tesla Inc (NASDAQ:TSLA) and PayPal Holdings Inc (NASDAQ:PYPL) warming to them and central banks considering the development of their own digital currencies.

Unlike Tesla, which is also holding Bitcoin as a treasury reserve, Camping World will use it for transactional purposes and not for investment.

Some companies accepting Bitcoin as a payment option include Twitch, WeWork, Restaurant Brands International Inc (NYSE:QSR), YUM! Brands, Inc. (NYSE:YUM), Starbucks Corporation (NASDAQ:SBUX) and Microsoft Corporation (NASDAQ:MSFT). The bitcoin rally seen this year is partly a function of the wide acceptance and its limited supply.

At last check, Camping World shares were up 4.36% to $44.97 as of Monday afternoon.

Related Link: Dogecoin As Payment Option Gains Momentum As 'Meme Currency' Shoots For The Moon

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