Blending digital finance with luxury cars, the Italian automobile manufacturer Ferrari introduced crypto payments for American car buyers yesterday.
Through this initiative, Ferrari presents dedication to meeting the diverse demands of its clients. Its American clientele and younger investors are said to have robust cryptocurrency portfolios. Traditional American investors, however, are now encouraged to enhance their financial horizons.
Considering that Ferrari shipped over 1,800 cars to the States in the first half of this year alone, it’s no wonder that the U.S. is the firm’s primary target market.
Technicalities Behind Ferrari’s Crypto Payments
To ensure a secure and seamless transaction process, Ferrari has geared up with BitPay to handle its U.S. transactions. The leading cryptocurrency processor accepts payments across a variety of cryptocurrencies, including ETH, BTC, and USDC. When paying through crypto, prices will not change; there are no surcharges or fees.
Additionally, BitPay can convert such payments into FIAT swiftly. By nimbly converting blockchain-based payments into traditional currency, it protects Ferrari and its dealers from notorious price fluctuations.
The on-chain payment server also ensures that the crypto employed does not entwine with illegitimate activities. In turn, this guarantees a lawful and clean financial pathway.
Although this payment initiative has only launched in the U.S., Ferrari plans to debut this option in Europe by the first quarter of next year. As the automaker ventures into the blockchain-based realm further, the evolution between cryptocurrency and the traditional financial sector becomes one to watch.