By - Ferrari announced the acceptance of cryptocurrency as a payment system.
- BitPay is chosen as a payment gateway to accept crypto payments.
Recently, in an interview, Enrico Galliera, chief marketing and commercial officer of Ferrari, confirmed Ferrari would start accepting payments via cryptocurrency.
In an interview, Galliera expressed his concern about the young consumers who have built their wealth around cryptocurrency. He said “Some of our clients are young investors who have built their fortunes around cryptocurrencies”,
To support the statement, he added, “Some others are more traditional investors who want to diversify their portfolios.” Italian-based luxury sports car manufacturers are planning to adopt futuristic technology to ease the buying process for their consumers.
Ferrari’s Payment Protocol
Luxury car brands chose BitPay as a crypto payment gateway. It is primarily a Bitcoin payment provider established in Atlanta, Georgia, US. Payment system widely trusted payment system for spending, accepting, and storing bitcoin.
However, BitPay also supports other cryptocurrencies like Ethereum (ETH), Bitcoin (BTC), etc. As of current information, Ferrari will only accept payment in Bitcoin (BTC), Ether (ETH), and stablecoin USD (USDC). All three mentioned cryptocurrencies are supported by BitPay as well.
Cryptocurrency As Payment System: History
Several multinational companies accept cryptocurrency as a payment method. Microsoft, Shopify, and PayPal have the option for users to pay via cryptocurrencies, but few users are utilizing these services.
Despite cryptocurrency’s high market evaluation, companies are still hesitant to accept cryptocurrency as a payment method. Tesla, owned by multi-billionaire Elon Musk, announced they are accepting crypto as a payment method for cars.
Later on, Tesla ceased cryptocurrency payments, considering the high energy requirement. Even companies like Tesla aren’t accepting payments via cryptocurrency.
On the brighter side, many companies are open to accepting crypto as a payment method. As the popularity of crypto rises, people will start accepting and normalizing crypto payment systems.
Ferrari‘s Motive Behind Accepting Crypto As Payment
As mentioned in the interview, Ferrari is adding crypto as a payment to address the younger generation, who have built their entire wealth around cryptocurrency. They wanted to make the payment process easier for crypto enthusiasts.
Additionally, Ferrari expressed genuine concern regarding investors, crypto-savvy youngsters, and adult customers who wanted to adopt crypto as a payment system. To eliminate resistance in the payment process, Ferrari removed any additional charges or fees while using the cryptocurrency.
In a nutshell, it can be said that Ferrari’s primary goal is to promote cryptocurrency as a payment method and provide a smooth payment system.
Conclusion
Ferrar’s management team is planning to accept cryptocurrency as a payment method. They have decided to use BitPay as a payment system to accept cryptocurrencies.
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