{"id":72870,"date":"2023-10-15T11:58:24","date_gmt":"2023-10-15T15:58:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ferrari-greenlights-crypto-payments-for-supercars-adoption-on-the-rise\/"},"modified":"2023-10-15T11:58:27","modified_gmt":"2023-10-15T15:58:27","slug":"ferrari-greenlights-crypto-payments-for-supercars-adoption-on-the-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=72870","title":{"rendered":"Ferrari Greenlights Crypto Payments for Supercars \u2013 Adoption on the Rise?"},"content":{"rendered":"
\n

Luxury sports car manufacturer\u00a0Ferrari<\/strong>\u00a0has announced the acceptance of cryptocurrency payments for its vehicles in the United States, with plans to extend the offering to Europe in response to customer requests.\u00a0<\/p>\n

The decision comes after electric carmaker\u00a0Tesla<\/strong>\u00a0briefly\u00a0accepted Bitcoin as payment\u00a0in 2021, only to halt the practice due to environmental concerns.<\/p>\n

However, in\u00a0an interview with Reuters, Ferrari’s Chief Marketing and Commercial Officer\u00a0Enrico Galliera<\/strong>\u00a0noted that cryptocurrencies have made efforts to reduce their carbon footprint through the introduction of new software and increased use of renewable energy sources.\u00a0<\/p>\n

Galliera reaffirmed Ferrari’s commitment to achieving carbon neutrality along its entire value chain by 2030.<\/p>\n

Ferrari’s move to accept cryptocurrency payments was driven by market demand and requests from its dealers, as many of its affluent clients have invested in cryptocurrencies.\u00a0<\/p>\n

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”<\/p>\n

While some cryptocurrencies, such as\u00a0Ethereum (ETH)<\/strong>, have made strides in improving energy efficiency,\u00a0Bitcoin (BTC)<\/strong>\u00a0still faces criticism for its energy-intensive mining process.\u00a0<\/p>\n

Although Ferrari did not disclose specific sales projections for crypto payments, Galliera stated that the company’s order portfolio is strong and fully booked through 2025.\u00a0<\/p>\n

Ferrari Adopts Crypto to Expand User Base<\/h2>\n

The acceptance of cryptocurrencies aims to attract a broader audience and connect with individuals who can afford a Ferrari but may not have previously considered purchasing one.<\/p>\n

To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors.\u00a0<\/p>\n

Initially, the accepted cryptocurrencies will include Bitcoin, Ether, and\u00a0USD Coin (USDC)<\/strong>, a stablecoin.\u00a0<\/p>\n

BitPay will convert cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, safeguarding them from price fluctuations.<\/p>\n

The company plans to expand its crypto payment scheme to Europe by the first quarter of next year, followed by other regions where cryptocurrency payments are legally accepted.\u00a0<\/p>\n

Ferrari’s largest market region, Europe, the Middle East, and Africa (EMEA), accounted for 46% of its total car shipments in the first half of 2023.\u00a0<\/p>\n

Galliera highlighted that interest in crypto payments is similar in both the United States and Europe, indicating a global demand for such payment options.<\/p>\n

As\u00a0reported,\u00a0Taylor Swift<\/strong>\u00a0will also allow fans to purchase tickets for the highly anticipated film “Taylor Swift: The Eras Tour” using various cryptocurrencies, including\u00a0Bitcoin (BTC)<\/strong>,\u00a0Ethereum (ETH)<\/strong>,\u00a0Dogecoin (DOGE)<\/strong>, and\u00a0Shiba Inu (SHIB)<\/strong>.\u00a0<\/p>\n

Likewise, crypto payments infrastructure firm\u00a0MoonPay<\/strong>\u00a0unveiled a new feature\u00a0last week in its app that enables users to swap one cryptocurrency for another.\u00a0<\/p>\n

The new feature expands the functionality of MoonPay’s retail-facing crypto app, which was launched in May and initially allowed users to purchase cryptocurrencies and manage multiple wallets within the app.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Luxury sports car manufacturer\u00a0Ferrari\u00a0has announced the acceptance of cryptocurrency payments for its vehicles in the United States, with plans to extend the offering to Europe in response to customer requests.\u00a0 The decision comes after electric carmaker\u00a0Tesla\u00a0briefly\u00a0accepted Bitcoin as payment\u00a0in 2021, only to halt the practice due to environmental concerns. However, in\u00a0an interview with Reuters, Ferrari’s […]<\/p>\n","protected":false},"author":1,"featured_media":72871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-72870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nFerrari Greenlights Crypto Payments for Supercars \u2013 Adoption on the Rise? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Luxury sports car manufacturer\u00a0Ferrari\u00a0has announced the acceptance of cryptocurrency payments for its vehicles in the United States, with plans to extend\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=72870\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ferrari Greenlights Crypto Payments for Supercars \u2013 Adoption on the Rise? 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