Ferrari Joins Crypto Race, Begins Accepting Digital Payments In US
Portfolio Pulse from Nabaparna Bhattacharya
Ferrari (NYSE:RACE) has started accepting cryptocurrency as payment for its vehicles in the US, following a surge in requests from its affluent clientele. The company has partnered with BitPay, a cryptocurrency payment processor, to facilitate transactions in major cryptocurrencies. BitPay will instantly convert cryptocurrency payments into traditional currency to protect dealers from market volatility. Ferrari plans to expand crypto payments to Europe in Q1 next year. The company recently reported strong Q2 earnings.
October 14, 2023 | 6:35 pm
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Ferrari's decision to accept cryptocurrency could attract more customers, particularly those with significant crypto investments. This, coupled with strong Q2 earnings, could positively impact the company's stock.
Ferrari's decision to accept cryptocurrency is a strategic response to market demands and could attract more customers, particularly those with significant crypto investments. This could increase sales and positively impact the company's stock. Additionally, the company's strong Q2 earnings indicate good financial health, which is also a positive sign for investors.
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