Ferrari has begun accepting cryptocurrency payments in the U.S. and plans European expansion based on growing customer demand.
Ferrari’s decision to accept cryptocurrency payments was driven by market demand and dealer requests, with numerous clients investing in digital currencies.Ferrari will accept cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The carmaker also plans to accept crypto payments in Europe.to an Oct. 14 report from Reuters, Ferrari’s chief marketing and commercial officer, Enrico Galliera, confirmed the intentions of the luxury car brand.
Although Galliera didn’t specify the number of cars Ferrari expects to sell via crypto payments, he reportedly stated that the carmaker’s strong order portfolio is fully booked until 2025. Ferrari aims to test this expanding market to connect with potential buyers beyond its usual clientele. The luxury automaker plans to introduce cryptocurrency payments in Europe by the first quarter of 2024 and expand to other crypto-friendly regions after.
For its initial phase in the U.S., Ferrari has reportedly partnered with major cryptocurrency payment processor, BitPay. This collaboration enables transactions in Bitcoin ( Galliera confirmed that there will be no additional fees or surcharges when using cryptocurrency, as BitPay will promptly convert cryptocurrency payments into conventional fiat currency for Ferrari’s dealers, ensuring they are shielded from cryptocurrency price fluctuations.
BitPay will also verify the legitimacy of the digital currency, ensuring it does not originate from illicit activities, money laundering or tax evasion.Many large corporations have hesitated to adopt cryptocurrencies due to their price volatility and associated transaction impracticality. Among these companies is Tesla, the electric vehicle manufacturer, which initially started accepting payments in Bitcoin in 2021.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European stocks mixed; Chinese trade, European inflation data in focusEuropean stocks mixed; Chinese trade, European inflation data in focus
Read more »
European stocks set to open lower ahead of U.S. earnings releasesEuropean stock markets are heading for a lower open Friday after three straight gains.
Read more »
European stocks open lower ahead of U.S. earnings releasesEuropean stock markets opened lower Friday after three straight gains.
Read more »
European stocks slightly lower ahead of U.S. earnings releasesEuropean stock markets opened lower Friday after three straight gains.
Read more »
European Monetary Union Industrial Production s.a. (MoM) increases 0.6% in AugustIndustrial Production s.a. (MoM) in the European Monetary Union advanced 0.6% in August, exceeding the 0.1% rise expected by markets. In July, Europea
Read more »
European regulator's DeFi categories could make inroads with broader regulatory frameworkThe European Securities & Markets Authority (ESMA) released a comprehensive report on challenges that decentralized finance (DeFi) presents to regulat
Read more »