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Ferrari, the well-known Italian luxury sports car manufacturer, has announced its intention to expand its cryptocurrency payment system to its network of European dealers by the end of July. This decision follows the successful rollout of its crypto payment system in the US in October 2023.
Appealing to Young Investors
The company aims to appeal to young investors who have accumulated wealth through cryptocurrencies, as stated by Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera. By embracing cryptocurrency payments, Ferrari seeks to engage with individuals who may not currently be their customers but could potentially purchase a Ferrari.
The expansion of Ferrari’s cryptocurrency payment system to its European dealers signifies the company’s commitment to embracing digital currencies as a legitimate form of transaction. The move also reflects Ferrari’s recognition of the growing influence and wealth of cryptocurrency investors, particularly among the younger demographic.
Strategic Approach
By leveraging the expertise of entities active in the crypto payment sector, Ferrari aims to ensure transaction security and facilitate the acceptance of payments without directly handling digital assets. This strategic approach not only aligns with the evolving financial landscape but also positions Ferrari to capitalize on the increasing adoption of cryptocurrencies in the luxury market.
Ferrari’s decision to extend its crypto transaction options to additional countries in its global dealership network by 2024-end underscores the company’s proactive stance in adapting to the changing financial environment. The utilization of solutions that enable the verification of fund sources and protect transactions against price volatility associated with exchange rates demonstrates Ferrari’s commitment to addressing the challenges and concerns related to cryptocurrency transactions.
Enhancing Customer Base
By providing a seamless and secure payment experience, Ferrari aims to enhance its appeal to potential customers who prefer to engage in transactions using digital currencies, thereby expanding its customer base and market reach.
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