Ferrari, known for its luxury cars, has been embracing cryptocurrency payments as part of its business operations. Recently, the Italian carmaker announced that it will add Dogecoin to the list of cryptocurrencies accepted as payment for its high-end vehicles and merchandise in the United States. This move comes after Ferrari already allowed payments in Bitcoin, Ether, and USD Coin in the US market.
The news of Ferrari accepting Dogecoin has had a positive impact on the price of the meme-based cryptocurrency. Following the announcement, Dogecoin saw a two percent increase in value, reaching $0.088. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed this development during a recent interview, stating that the decision to accept Dogecoin was driven by customer and dealer demand.
It is worth noting that Ferrari does not plan to impose any extra fees or charges on customers using cryptocurrencies to purchase its vehicles. The luxury carmaker has partnered with BitPay as its payment gateway for processing crypto transactions in the US. BitPay’s app enables merchants to accept crypto payments and convert them into fiat currency, making the process seamless for Ferrari dealers.
Despite its status as a meme coin, Dogecoin has managed to maintain stability in its price over the past few months. While there has not been a significant surge in its value recently, Dogecoin has also not experienced a sharp decline. In the last seven days, the cryptocurrency has seen a modest increase of more than five percent and currently boasts a market cap of $12.44 billion.
Apart from Ferrari, other luxury brands such as Tag Heuer and Gucci also accept Dogecoin as a payment method for their products. Additionally, US-based movie theatre chain AMC Theatres allows customers to use Dogecoin for purchasing film tickets. Dogecoin’s popularity received a boost in August 2023 when Elon Musk, a prominent supporter of the cryptocurrency, obtained a currency transmitter license for his company. This move resulted in a three percent increase in Dogecoin’s value at the time.
Overall, Ferrari’s decision to include Dogecoin alongside other cryptocurrencies for payments showcases the increasing acceptance and adoption of digital currencies in mainstream businesses. As more companies follow suit and embrace crypto payments, the landscape of financial transactions is likely to undergo significant changes in the future.
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