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Revving Up Crypto Adoption: Ferrari's U.S. Launch, Europe Soon to Follow

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Oct 18, 2023 at 06:58 am

Ferrari's recent announcement signifies a pivotal shift towards integrating cryptocurrency into their array of payment methods, starting with the U.S. market and subsequently expanding into Europe. This strategic move is a direct response to the mounting interest exhibited by their affluent clientele, a sentiment expressed by Chief Marketing and Commercial Officer, Enrico Galliera.

Galliera further expounded, remarking:

 "Within our client base, we observe a diverse spectrum, ranging from young investors who have accrued their wealth through cryptocurrencies to more conventional investors seeking to diversify their portfolios."

In this endeavor, Ferrari has forged a partnership with BitPay, a highly regarded service provider with expertise in facilitating cryptocurrency transactions. Initially, the accepted cryptocurrencies will encompass bitcoin (BTC), ether (ETH), and the stablecoin USD coin (USDC) for transactions conducted within the U.S.

Ferrari has taken proactive measures to address potential concerns, assuring stakeholders that, "Both dealerships and, ultimately, Ferrari itself, will receive payments in traditional currency, circumventing the need for direct handling of cryptocurrencies. The provenance of the cryptocurrencies will undergo rigorous verification processes, thereby mitigating risks associated with exchange rate volatility."

While cryptocurrencies have undeniably gained prominence as investment instruments, their integration as a mainstream method of payment by major corporations remains relatively uncommon. Notably, in February 2021, Tesla, under the stewardship of Elon Musk, briefly entertained bitcoin payments before discontinuing the service due to environmental qualms linked to the energy-intensive nature of bitcoin mining.

Read more: Elon Musk Faces Backlash Over Suspension of Pro-XRP Twitter Account Amid SEC Scrutiny

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