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Ferrari Greenlights Crypto Payments for Supercars – Adoption on the Rise?

Ferrari Greenlights Crypto Payments for Supercars – Adoption on the Rise Ferrari. A maker of luxury sports cars has announced that it will accept cryptocurrency payments from customers. In the United States to purchase its automobiles. The company also has ambitions to extend. The offering to Europe in response to customer demands. However, in an interview with Reuters. Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, mentioned that cryptocurrencies have taken steps to lessen their carbon footprint by introducing new software and increasing their usage of renewable energy sources. Galliera said that these efforts include reducing the amount of energy used to mine cryptocurrencies.

Galliera underlined Ferrari’s commitment to becoming carbon neutral across the entirety of the company’s value chain by the year 2030. The market demand and requests from Ferrari’s dealers prompted the company to begin accepting cryptocurrency payments. Many of Ferrari’s wealthy customers have already invested in various cryptocurrencies. “Some are young investors who have built their fortunes around cryptocurrencies,” added the economist. “Some others are more traditional investors who want to diversify their portfolios.” Bitcoin (BTC), on the other hand. Even though other cryptocurrencies. Such as Ethereum (ETH), has made significant progress toward improving energy efficiency. Galliera noted that the company’s order portfolio is robust. Fully booked through 2025; even the Ferrari does not provide sales predictions for crypto payments.

Ferrari Adopts Crypto to Expand User Base

The adoption of cryptocurrencies aims to draw in a more diverse customer base and connect with people who have the financial means to buy a Ferrari but may not have previously entertained the idea of doing so. To make cryptocurrency transfers easier, Ferrari has partnered with BitPay, one of the most prominent payment processors for cryptocurrencies. Bitcoin, Ether, and the stablecoin known as USD Coin (USDC) will first be among the cryptocurrencies used for payment. On behalf of Ferrari’s dealers, BitPay will convert cryptocurrency payments into traditional currency. This will protect the dealers from any volatility in the coin’s value.

The company intends to launch its cryptocurrency payment system in Europe within the first three months of the following year, after which it will move on to other regions where the law recognizes Bitcoin transactions. In the first half of 2023, Europe, the Middle East, and Africa (abbreviated as EMEA) was Ferrari’s most significant market region, accounting for 46% of the company’s total car exports. Galliera brought attention to the fact that there is a comparable level of interest in cryptocurrency payments in both the United States and Europe. This suggests that there is a demand worldwide for such payment choices.

According to recent reports, Taylor Swift will also make it possible for fans to purchase tickets for the highly anticipated film “Taylor Swift: The Eras Tour” using a variety of cryptocurrencies. Among the cryptocurrencies that will be accepted are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB). Similarly, crypto payments infrastructure company MoonPay launched a new feature in its app last week that lets users trade one cryptocurrency for another. This function allows users to exchange one cryptocurrency for another. The new feature extends the capabilities of MoonPay’s retail-facing cryptocurrency app, which was introduced in May and initially gave customers the ability to buy cryptocurrencies and manage several wallets within the app. The new feature improves the capability of the app.

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