On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Ferrari Will Receive Crypto as Payment for US Sales

Ferrari has begun to take crypto payments for its luxury sports cars in the United States and will expand the program to Europe at the behest of its wealthy clientele. According to Enrico Galliera, Ferrari’s head of marketing, cryptos have demonstrated their commitment to reducing their environmental footprint through the adoption of novel software and relying more heavily on renewable energy. He also asserted Ferrari’s commitment to carbon neutrality throughout its value chain by 2030.

Most corporations have maintained a cautious stance toward cryptocurrencies due to their inherent volatility, rendering them unsuitable for conventional commerce. Additionally, inconsistent regulations and the considerable energy consumption associated with crypto have been formidable barriers to its widespread adoption as a payment method.

While some cryptocurrencies have made strides in enhancing their energy efficiency, Bitcoin, the largest of them all, remains under scrutiny for its energy-intensive mining process.

Galliera stated that the company’s decision to embrace cryptocurrency payments emerged from the collective voices of the market and the company’s dealers, who have increasingly invested in crypto. Ferrari, which dispatched more than 1,800 vehicles to its Americas market in the first half of this year, refrained from specifying the number of vehicles it anticipates selling through crypto. Currently, the company boasts a robust order backlog extending into 2025 and hopes to get more clients through the new crypto payment method.

The Italian automaker plans to expand its crypto payment program to Europe by March next year, with further plans to extend it to other territories where crypto transactions are legally permissible. The company has partnered with BitPay, a major crypto payment processor, for the initial phase of the initiative in the United States. Transactions can be conducted using USDC, Ethereum and Bitcoin. Ferrari intends to collaborate with more payment processors as the program expands globally.

Galliera stated that clients would not incur any additional surcharges or fees when using cryptocurrency. BitPay will serve as the intermediary, instantly converting crypto payments into conventional currency, thereby safeguarding both Ferrari’s dealers and the company itself from the price fluctuations inherent to the cryptocurrency market.

Furthermore, BitPay will undertake the essential role of ensuring that all cryptocurrency funds come from secure and legitimate sources, precluding any association with money laundering, tax evasion or any other illicit activities. Galliera reported that most of its American dealers have already joined the initiative or are in the process of doing so, demonstrating their confidence in the success of crypto payments. The company anticipates more will soon follow suit.

This announcement by Ferrari is most likely good news for crypto industry actors such as Bit Digital Inc. (NASDAQ: BTBT) since it adds to the credibility of digital currencies.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer

CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is powered by IBN

Archives

Select A Month

Official NewsWire Relationships

Anarchapulco Main Event Blockchain Africa Conference Blockchain Futurist Conference Blockchain Life Conference Blockchain Shift Coingenius Coinvention CryptoBlockCon CryptoFest European Blockchain Convention EVOLV - evolve.events Finovate nftexpoverse Paris Blockchain Week The North American Bitcoin Conference Virtual Blockchain Week The Voice of Blockchain World Crypto Conference

CryptoCurrencyWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 212.994.9818