Ferrari announced that the cryptocurrency payment system already in operation in the US will be extended to its European dealer network by the end of the month. Other countries where cryptocurrencies are legally permitted will follow later in the year.
This new payment system includes verification of the origin of funds and immediate conversion of paymentsto traditional currency.
“The entry into the European market follows the successful launch of this alternative payment system in the US less than a year ago. This will help merchants better respond to the changing needs of their customers ,” said Ferrari.
“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
In this way, Ferrari joins Mercedes-Benz (a pioneering company in this sector), which since last April also allows payment with cryptocurrencies as a purchasing system . This has been possible thanks to an alliance with two companies in the cryptocurrency sector: Bit2Me and eSignus-G&D.
Implementation of this new payment system in Europe
Most big companies are staying away from cryptocurrencies, however, Ferrari started accepting cryptocurrency payments in the United States last fall. “This will help us get in touch with people who are not necessarily our customers, but who could afford a Ferrari,” Ferrari marketing chief Enrico Galliera said.
To launch its program in the US, Ferrari turned to BitPay, which allows transactions in Bitcoin, Ether, and USDC.
Under the program, BitPay converts cryptocurrency payments into traditional currencies on behalf of Ferrari dealers to protect them from price fluctuations. There are no fees or surcharges for customers. However, the company has not yet announced whether Ferrari will use separate payment processors in Europe and other regions.
If Trump wins the US election, Bitcoin could even become a reserve asset. However, Bitcoin and other cryptocurrencies are still viewed very critically in Europe.
From the perspective of the European Central Bank (ECB), Bitcoin is not a currency, but merely a speculative vehicle whose value is influenced by massive fluctuations. Monetary authorities also criticize the fact that Bitcoin is repeatedly used for criminal activities such as money laundering .
In Australia , to cite another example, the Australian subsidiary of international bank HSBC has started blocking customer payments to cryptocurrency exchanges since yesterday, July 24. This makes it the latest major bank to shun the cryptocurrency industry, due to the number of scams.
Cryptocurrency payments on the rise in Europe
Clearly, by paying with cryptocurrencies , Ferrari is looking to expand its customer base . This will give it access to potential new, affluent customers, who may not have been so interested in Ferrari before. In this way, Ferrari is poised to attract a new generation of customers .
This decision by Ferrari is a significant step towards the mainstream adoption of crypto assets . It will mark a milestone that new companies will follow, and will lead the cryptocurrency industry into a new era.
In Spain, you can now pay with cryptocurrencies for items such as clothing, attractions, airline tickets, gift cards, and video games, among others. The offer continues to increase little by little, thanks to the growing interest in the cryptocurrency industry.
However, the European Union has a complex stance on the act of paying with cryptocurrencies . Although the restrictions are broad, many EU countries are already doing their best to make it easier to use cryptocurrencies in everyday life. Some, such as Bulgaria, Finland or Belgium,have already introduced legislation regarding the use of crypto assets.
One of the latest developments in the adoption of Bitcoin and other cryptocurrencies in the everyday world was the announcement of Fold yesterday, July 24.
Bitcoin-based rewards app Fold has announced plans to launch as a publicly traded company on the Nasdaq, with an implied valuation of 365 million USD.
Fold has signed an agreement to go public through a combination with FTAC Emerald Acquisition. It said the SPAC transactionhad been unanimously approved by the directors of both companies and it expects it to close sometime in the fourth quarter of 2024.
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