Cryptocurrency is becoming more popular as a way to pay for things, and Ferrari (RACE) is joining in early. The company announced in a press release on Wednesday morning that it will let European dealers accept cryptocurrency payments.
Source: Ferrari
Ferrari is a well-known Italian company that makes fast and fancy cars. Now, they’re stepping into the digital world. Many people use cryptocurrency to invest their money, but not many big companies let people use it to buy things. Ferrari is changing this by letting people use cryptocurrency to buy their cars, not just in the United States but in other places, too.
Ferrari To Accept Crypto-payments In EuropeAfter successfully launching this initiative in the United States last year, Ferrari is now accepting crypto from its European customers. This move marks a significant step in crypto adoption with the rollout planned next week. pic.twitter.com/uWZi8snMmj
— Tectum (@tectumsocial) July 24, 2024
Ferrari’s Roadmap to Crypto Adoption
Ferrari began accepting cryptocurrency payments in the U.S. last October in partnership with BitPay. The tokens accepted included Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). Ferrari decided to accept cryptocurrency as a payment method because its rich customers asked for it. This is a brave move, especially considering how most big companies avoid cryptocurrency because of its volatile nature.
Starting at the end of July 2024, Ferrari’s dealers in Europe will start accepting cryptocurrency. Soon, customers all over Europe will be able to buy their fancy Ferraris using digital money. This change is happening because the cryptocurrency payment system was successful in the U.S., where rich customers requested the option to pay with cryptocurrencies.
Satisfying Customer’s Changing Asset Appetites
According to the company’s press statement, Ferrari’s choice to accept cryptocurrency is more about keeping up with its customers’ needs rather than just following a trend. As digital currencies become more mainstream, wealthy folks — including Ferrari aficionados — are starting to use them more. By letting customers pay with crypto, Ferrari is trying to meet these needs while keeping its elite status.
Ferrari plans to achieve this by working with different companies active in the cryptocurrency payment sector. These companies will ensure that transactions are safe and hassle-free for customers. Dealers won’t have to deal with the cryptocurrency themselves. Instead, the digital currency will be immediately changed to fiat currency. The press statement highlighted that the companies also verify the source of funds and protect against price changes related to exchange rates.
By the end of 2024, Ferrari hopes to allow cryptocurrency payments in other countries where their dealers are located, but only if those countries legally accept cryptocurrencies.
Some might say cryptocurrencies are too unpredictable to use for everyday payments. But for Ferrari, it’s not about being practical. It’s about being prestigious, innovative, and staying ahead of others.
The post Ferrari Drives into the European Market with Cryptocurrency Payments, Press Release appeared first on Coinfomania.