Ferrari Now Accepts Payment in BTC, ETH, XRP.
Ferrari, the luxury car manufacturer, that they now accept Bitcoin, Ethereum, XRP, and other cryptocurrencies as payment for their cars in the United States. This is a groundbreaking move that shows how crypto is going mainstream and attracting affluent customers who have made their fortunes on the blockchain. According to Reuters, Ferrari’s Chief Marketing and […]
Ferrari, the luxury car manufacturer, that they now accept Bitcoin, Ethereum, XRP, and other cryptocurrencies as payment for their cars in the United States. This is a groundbreaking move that shows how crypto is going mainstream and attracting affluent customers who have made their fortunes on the blockchain.
According to Reuters, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera said that the company is aware of the environmental concerns related to crypto mining, but believes that the sector is making positive changes by reducing its carbon footprint. He also reaffirmed Ferrari’s commitment to achieving carbon neutrality by 2030 along its whole value chain.
Ferrari has partnered with BitPay, a leading payment processor in the crypto space, to facilitate this new payment option. Customers will be able to purchase high-end cars starting at around $211,000 using cryptocurrencies such as Bitcoin, Ethereum, XRP, Shiba Inu (SHIB), and leading stablecoins, such as Tether USD (USDT) and USD Coin (USDC). BitPay will convert the funds into fiat currencies to protect Ferrari’s dealers from price volatility.
Ferrari said that there will be no change in prices, fees, or surcharges for customers paying with crypto. The new allowance from Ferrari is only open to U.S. customers for now, but plans to extend into the European Union in the coming months based on the demand of its customers.
What is BitPay?
BitPay is a leading payment processor in the cryptocurrency space. It was founded in May 2011 by Tony Gallippi and Stephen Pair. BitPay provides Bitcoin and Bitcoin Cash payment processing services for merchants.
BitPay allows individuals and businesses to buy, store, swap, and spend cryptocurrencies securely. It also offers a wallet for users to manage multiple wallets on the go. BitPay has a feature called BitPay Card, which is a cryptocurrency debit card that enables users to use their Bitcoin reserves to make payments throughout the MasterCard network.
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