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Ferrari is going to accept Cryptocurrency as payment for its cars in the US

Ferrari is going to accept Cryptocurrency as payment for its cars in the US

Ferrari has begun accepting cryptocurrency payments for its premium sports vehicles in the United States and will expand the program to Europe in response to requests from affluent clients, according to the company’s marketing and commercial boss. The great majority of blue-chip corporations have avoided crypto because the volatility of bitcoin and other tokens makes them unworkable for trade. Cryptocurrency adoption has also been hampered by patchy regulation and excessive energy consumption. Tesla, for example, began accepting bitcoin, the largest crypto currency, in 2021 until CEO Elon Musk discontinued it due to environmental concerns.

Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, told Reuters that companies has made efforts to lower their carbon impact with the adoption of new technologies and increased usage of renewable sources. “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in a telephone interview. Ferrari stated that the move was made in response to market and dealer requirements, since many of its clientele had invested in cryptocurrencies.

“Some are young investors who have built their fortunes around cryptocurrencies,” he went on to explain. “Some others are more traditional investors, who want to diversify their portfolios.” While several cryptocurrencies, such as the second-largest, ether, have improved their energy efficiency, bitcoin continues to be criticized for its energy-intensive mining.

In the first half of this year, Ferrari exported almost 1,800 vehicles to its Americas area, which includes the United States. Galliera did not indicate how many automobiles Ferrari intended to sell using cryptocurrency. He stated that the business’s order portfolio was solid and completely booked well beyond 2025, but the corporation needed to explore this growing universe.

“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he added. The Italian manufacturer, which sold 13,200 cars in 2022 with prices starting at over 200,000 euros ($211,000) and going up to 2 million euros, aims to expand the crypto program to Europe by the first quarter of next year and subsequently to other places where crypto is legally recognized.

Europe, the Middle East, and Africa (EMEA) is Ferrari’s largest territory, accounting for 46% of total car exports in the first half of this year. “Interest is the same in the U.S. and Europe, we don’t see huge differences,” she added. China is one of the countries where cryptocurrency is prohibited.

Ferrari has partnered with BitPay, one of the major cryptocurrency payment processors, for the initial phase in the United States, and will accept bitcoin, ether, and USDC, one of the largest so-called stablecoins. Ferrari may utilize various payment processors in different locations. “Prices will not change, no fees, no surcharges if you pay through cryptocurrencies,” she stated.

Bitpay will promptly convert cryptocurrency payments into traditional cash on behalf of Ferrari’s dealers, protecting them from price fluctuations. “This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera said in a statement. BitPay, as the payment processor, will guarantee that the virtual currencies come from genuine sources and are not created from illicit activities or used to launder criminal proceeds or escape tax. The bulk of Ferrari’s US dealers have already agreed to the arrangement, according to the company’s marketing and commercial boss.

“I am confident that others will join soon,” Galliera remarked.

Ferrari (RACE.MI) has begun accepting cryptocurrency payments for its premium sports vehicles in the United States and plans to expand the program to Europe in response to requests from its rich clientele, according to the company’s marketing and commercial director.

The great majority of blue-chip corporations have avoided crypto because the volatility of bitcoin and other tokens makes them unworkable for trade. Cryptocurrency adoption has also been hampered by patchy regulation and excessive energy consumption. These include Tesla (TSLA.O), which began accepting bitcoin, the largest cryptocurrency, in 2021 until CEO Elon Musk discontinued it due to environmental concerns.

Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, told Reuters that companies has made efforts to lower their carbon impact with the adoption of new technologies and increased usage of renewable sources. While several cryptocurrencies, such as the second-largest, ether, have improved their energy efficiency, bitcoin continues to be criticized for its energy-intensive mining. In the first half of this year, Ferrari exported almost 1,800 vehicles to its Americas area, which includes the United States.

The Italian manufacturer, which sold 13,200 cars in 2022 with prices starting at over 200,000 euros ($211,000) and going up to 2 million euros, aims to expand the crypto program to Europe by the first quarter of next year and subsequently to other places where crypto is legally recognized. Europe, the Middle East, and Africa (EMEA) is Ferrari’s largest territory, accounting for 46% of total car exports in the first half of this year.

China is one of the countries where cryptocurrency is prohibited. Ferrari has partnered with BitPay, one of the major cryptocurrency payment processors, for the initial phase in the United States, and will accept bitcoin, ether, and USDC, one of the largest so-called stablecoins. Ferrari may utilise various payment processors in different locations.

Crypto is becoming more popular as top luxury manufacturer Ferrari revealed that it is now accepting digital currency for its high-end vehicles. According to Reuters, Ferrari’s new allowance is only available to clients in the United States, but the company aims to expand into the European Union in the future months dependent on consumer demand.

The volatility will be reduced since BitPay will convert the cash into fiat currency to shield Ferrari’s dealers from price movements. Notably, BitPay is supporting a variety of innovative use cases using digital currencies that may be used as payment for real-world goods. Prices, taxes, and surcharges for crypto users will not alter, according to Ferrari.

A important measure may indicate that the XRP Ledger ecosystem will continue to grow. According to XRPL services, an XRP explorer, XRP Ledger (XRPL) now has 4,812,427 wallets, with the growth rate staying positive.

XRP is held by a variety of addresses, including retail holders and whales. In all, 58,882,058,146 XRP are held in these accounts, with just 1,162 accounts holding 0 XRP.

The growth of XRP addresses may be attributable to the notable XRPL milestones, notably Ripple’s victory in the SEC litigation. Given the gains in XRP prices this year, the increased popularity of XRP among traders may have contributed to the increase of XRP wallets. Furthermore, the XRPL ecosystem has been continually growing, from the introduction of new decentralized apps (dApps) to the creation of NFTs, which are now drawing new users. In this sense, NFT transactions have lately remained an important growth component for XRP Ledger (XRPL).

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