Iconic luxury car manufacturer Ferrari announced its decision to accept cryptocurrency payments in the United States, responding to growing demand from its customers. The company’s commercial and marketing director, Enrico Galliera, confirmed this measure in a Reuters report dated October 14.

This decision is based on growing market demand and requests from Ferrari dealers, supported by numerous customers, including young investors with cryptocurrency experience who have bet on digital currencies.

Although Galliera did not provide details on the number of cars they hope to sell through cryptocurrency payments, he noted that Ferrari’s order book is already fully booked until 2025. With this measure, Ferrari seeks to explore a growing market and reach potential buyers beyond their traditional clientele. The introduction of cryptocurrency payments in Europe is scheduled for the first quarter of 2024, with plans to expand to other crypto-friendly regions.

For its initial foray into the United States, Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors. This collaboration allows transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC). Importantly, there will be no additional charges when using cryptocurrencies, as BitPay will perform quick conversions to conventional fiat currency for Ferrari dealers, protecting them from cryptocurrency price fluctuations.

In addition, BitPay will be responsible for verifying the legitimacy of digital currencies to ensure that they do not come from illicit activities, money laundering or tax evasion.

Ferrari’s adoption of cryptocurrencies follows that of other large companies, although many have been cautious due to price volatility and the complexity of associated transactions. Notably, electric vehicle maker Tesla initially accepted payments in Bitcoin in 2021, but CEO Elon Musk discontinued this option due to environmental concerns.

K. Tovar

Source: Cointelegraph

(Reference image source: Brandon Atchison, Unsplash)

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The German car manufacturer Mercedes-Benz increased its profits by almost 30 % in 2022 thanks to the sale of luxury models and the rise in prices, the firm said today.

The company announced a consolidated result of 14,800 million euros (about 15,823 million dollars). In 2021, a special profit of 1 billion euros due to the spin-off of Daimler’s truck business had brought the group’s profit to more than 23 billion euros.

Mercedes-Benz obtained in 2022 a revenue of 150,000 million euros, with a year-on-year increase of 12 %. The company delivered slightly fewer cars to end customers, but around 5 % more vehicles to wholesale customers (2.04 million).

Sales of top models such as the S-Class, cars from tuning subsidiary AMG and luxury brand Maybach picked up, bringing higher profits.

Thus, the ebitda (earnings before interest and taxes, adjusted for special effects) stood at 20,660 million euros, with a year-on-year increase of 20 %.

For 2023, the management foresees lower benefits in the most important areas. On the one hand, he expects prices to rise, and on the other, he estimates that the business of used models will decrease. Mercedes-Benz indicated that the forecasts as a whole are subject to exceptional uncertainty. He added that for this year he expects the group’s sales to be at the level of the previous year.

Source: dpa

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