Ferrari Approves Crypto Payments for Supercars.
Ferrari Approves Crypto Payments for Supercars: Growing Adoption?Ferrari, a manufacturer of high-end sports cars, has announced that it will now accept cryptocurrency payments for its vehicles in the United States. In response to customer requests, the company plans to expand this service to Europe as well.The choice was made after the electric vehicle manufacturer Tesla briefly accepted Bitcoin as payment in 2021 before ceasing to do so over environmental concerns.Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, stated in an interview with Reuters that cryptocurrencies have made an effort to lower their carbon footprint by introducing new software and increasing their use of renewable energy sources.Ferrari remains committed to becoming carbon neutral across its entire value chain by 2030, according to Galliera.Ferrari's decision to begin accepting cryptocurrency payments was motivated by dealer requests and market demand, as many of its wealthy clients have cryptocurrency investments.Some of them are young investors who have made their fortunes using cryptocurrencies, he said. "Some other investors prefer to diversify their portfolios; these investors are more traditional. ".While some cryptocurrencies, like Ethereum (ETH), have made progress in terms of energy efficiency, Bitcoin (BTC) continues to draw criticism for its energy-intensive mining process.Ferrari did not provide specific sales forecasts for cryptocurrency payments, but Galliera noted that the company's order book is solid and fully booked through 2025.Ferrari adopts cryptocurrency to increase its user base.The adoption of cryptocurrencies is intended to reach a wider demographic and establish a connection with people who can afford a Ferrari but may not have previously considered buying one.With BitPay, one of the top cryptocurrency payment processors, Ferrari has teamed up to make cryptocurrency transactions easier.At first, only Bitcoin, Ether, and the stablecoin USD Coin (USDC) will be accepted as payment methods.For the benefit of Ferrari's dealers, BitPay will translate cryptocurrency payments into fiat money, protecting them from price fluctuations.The business intends to extend its cryptocurrency payment system to Europe by the first quarter of 2019, then to additional regions where cryptocurrency payments are accepted legally.Europe, the Middle East, and Africa (EMEA), Ferrari's largest market area, received 46% of all the cars it shipped in the first half of 2023.Galliera emphasized that there is a comparable interest in crypto payments in both the United States and Europe, demonstrating a global need for such payment options.According to rumors, Taylor Swift will also let fans buy tickets for the eagerly awaited movie "Taylor Swift: The Eras Tour" using a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB).Similar to this, cryptocurrency payments infrastructure company MoonPay last week unveiled a new function in its app that lets users exchange one cryptocurrency for another.The new function enhances the capabilities of MoonPay's retail-focused cryptocurrency app, which was released in May and initially allowed users to buy cryptocurrencies and manage multiple wallets inside the app..
Ferrari Approves Crypto Payments for Supercars: Growing Adoption?
Ferrari, a manufacturer of high-end sports cars, has announced that it will now accept cryptocurrency payments for its vehicles in the United States. In response to customer requests, the company plans to expand this service to Europe as well.
The choice was made after the electric vehicle manufacturer Tesla briefly accepted Bitcoin as payment in 2021 before ceasing to do so over environmental concerns.
Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, stated in an interview with Reuters that cryptocurrencies have made an effort to lower their carbon footprint by introducing new software and increasing their use of renewable energy sources.
Ferrari remains committed to becoming carbon neutral across its entire value chain by 2030, according to Galliera.
Ferrari's decision to begin accepting cryptocurrency payments was motivated by dealer requests and market demand, as many of its wealthy clients have cryptocurrency investments.
Some of them are young investors who have made their fortunes using cryptocurrencies, he said. "Some other investors prefer to diversify their portfolios; these investors are more traditional. ".
While some cryptocurrencies, like Ethereum (ETH), have made progress in terms of energy efficiency, Bitcoin (BTC) continues to draw criticism for its energy-intensive mining process.
Ferrari did not provide specific sales forecasts for cryptocurrency payments, but Galliera noted that the company's order book is solid and fully booked through 2025.
Ferrari adopts cryptocurrency to increase its user base.
The adoption of cryptocurrencies is intended to reach a wider demographic and establish a connection with people who can afford a Ferrari but may not have previously considered buying one.
With BitPay, one of the top cryptocurrency payment processors, Ferrari has teamed up to make cryptocurrency transactions easier.
At first, only Bitcoin, Ether, and the stablecoin USD Coin (USDC) will be accepted as payment methods.
For the benefit of Ferrari's dealers, BitPay will translate cryptocurrency payments into fiat money, protecting them from price fluctuations.
The business intends to extend its cryptocurrency payment system to Europe by the first quarter of 2019, then to additional regions where cryptocurrency payments are accepted legally.
Europe, the Middle East, and Africa (EMEA), Ferrari's largest market area, received 46% of all the cars it shipped in the first half of 2023.
Galliera emphasized that there is a comparable interest in crypto payments in both the United States and Europe, demonstrating a global need for such payment options.
According to rumors, Taylor Swift will also let fans buy tickets for the eagerly awaited movie "Taylor Swift: The Eras Tour" using a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB).
Similar to this, cryptocurrency payments infrastructure company MoonPay last week unveiled a new function in its app that lets users exchange one cryptocurrency for another.
The new function enhances the capabilities of MoonPay's retail-focused cryptocurrency app, which was released in May and initially allowed users to buy cryptocurrencies and manage multiple wallets inside the app.
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