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Ferrari Embraces Cryptocurrency Payments in the United States

Ferrari's choice to embrace cryptocurrency payments has been influenced by market demand and an influx of requests from dealers, as an increasing number of clients have ventured into digital currencies.

Ferrari to accept crypto payments in the US

In response to customer demand, Ferrari is set to enable cryptocurrency payments for its premium sports cars in the United States. The luxury automaker is also planning to extend this payment option to its European markets.

According to an October 14 report by Reuters, Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, affirmed the brand's commitment to accepting cryptocurrency payments. This strategic move has been prompted by the growing market demand for such payment methods, as well as specific requests from dealers. Ferrari's decision aligns with the evolving landscape of finance, where numerous clients, particularly tech-savvy young investors, have ventured into the world of digital currencies.

While Galliera did not provide a specific figure for the number of cars Ferrari anticipates selling through cryptocurrency payments, he did note that the luxury car manufacturer's order backlog is fully booked until 2025. Ferrari intends to leverage this burgeoning market to establish connections with potential buyers beyond its traditional clientele. The company's plan includes the introduction of cryptocurrency payments in Europe by the first quarter of 2024, followed by expansion into other cryptocurrency-friendly regions.

Galliera has assured that there will be no additional fees or surcharges associated with cryptocurrency payments. BitPay will play a pivotal role in this process by swiftly converting cryptocurrency payments into standard fiat currency for Ferrari's dealers, thus safeguarding them from cryptocurrency price fluctuations.

Additionally, BitPay will implement stringent measures to verify the legitimacy of the digital currency used for payments, ensuring that it has not been involved in illicit activities, money laundering, or tax evasion.


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