Ferrari Adopts Cryptocurrency Payments in Response to Rising Customer Demand
Summary:
Ferrari is set to accept cryptocurrency payments for its luxury vehicles in the U.S. due to growing customer demand. The company has also announced plans to expand this payment method to Europe by 2024. The decision was influenced by market dynamics and requests from dealers, given the increasing number of tech-savvy young investors showing interest in digital currencies. To safeguard against the volatile nature of cryptocurrencies, Ferrari has partnered with major cryptocurrency payment processor, BitPay, which will promptly convert digital payments into regular currency.
American customers will soon be able to purchase luxury Ferrari vehicles using digital currencies owing to consumer demand. The luxury car manufacturer also plans to integrate cryptocurrency payments into their sales in Europe. On October 14th, Reuters revealed that Enrico Galliera, Ferrari's head of marketing and sales, had confirmed these plans. The decision has been heavily influenced by market dynamics and dealership requests, as a number of customers, including tech-savvy young investors, have jumped on the cryptocurrency bandwagon. Galliera didn't disclose the expected number of Ferrari cars to be sold via cryptocurrencies but highlighted that the company has a robust order list that covers up to 2025. Ferrari is poised to explore this burgeoning market in an attempt to engage with buyers outside its traditional customer base. The company is working towards an early 2024 rollout of cryptocurrency payments in Europe before moving on to other areas receptive to digital currencies. In the U.S., Ferrari is in partnership with BitPay, a major cryptocurrency payment platform, for its initial phase. This collaboration facilitates transactions using Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). Galliera assured no extra charges or fees for cryptocurrency payments, as BitPay will promptly convert digital payments into regular currency, thereby protecting Ferrari's dealers from the volatile nature of cryptocurrency markets. BitPay will also authenticate the digital currencies used, ensuring they are not connected to illegal activities, money laundering, or tax evasion. Greece turning into a Bitcoin haven: A first-hand account Quite a few substantial firms have been reluctant to incorporate cryptocurrencies mainly due to their price irregularities and related transactional difficulties. Tesla, the electric car producer, is one such example, which initially started processing payments in Bitcoin in 2021 but suspended the service for environmental reasons.
Published At
10/14/2023 10:19:05 AM
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