Storage Vault Ltd., which operates 10 self-storage facilities throughout Scotland, is now accepting Bitcoin as a form of payment from customers. The cryptocurrency can also be used at CoVault, the company’s flexible-workspace division, according to a press release.
Storage Vault introduced Bitcoin because of its benefits and the ability to offer tenants more payment choices, the release stated. Company officials believe this form of currency will become more commonplace and want to be prepared for the future.
Bitcoin was invented in 2008 by an unknown person or group using the name Satoshi Nakamoto. It isn’t controlled by a bank or administrator. Rather, it’s sent on a peer-to-peer network, with transactions verified by network nodes through cryptography. The deals are recorded in a public distributed ledger called a blockchain.
“I’m delighted to see the Storage Vault team being so forward-thinking and following the lead of the great Elon Musk on this,” said John McGlynn, founder of Scottish Capital Partners Ltd., which owns Storage Vault. Musk is the CEO of Tesla Inc., which focuses on electric vehicles and clean energy. “I’ve been a fan and investor in Bitcoin for over six years now, and I’ve seen it develop from being seen as a crazy concept to a serious global currency. We are the first self-storage and workspace business in the U.K. to accept Bitcoin. We may even be the first in the world,” McGlynn said.
Storage Vault operates self-storage in Bishopbriggs, Cambuslang, Coatbridge, Dundee, East Kilbride, Kilmarnock, Glasgow, Livingston, Paisley and Stirling. It also offers flexible and furnished workspaces at separate properties in Glasgow, Grangemouth, Livingston and Paisley. The suites provide shared access to conference and meeting rooms, a lounge, and kitchen.