Ferrari, a renowned luxury carmaker, has recently made significant strides in the world of cryptocurrency. In addition to accepting payments in Bitcoin, Ether, and USD Coin in the US, the Italian company has now added Dogecoin to the list of cryptocurrencies it will accept for its high-end cars and merchandise. This move comes as a response to requests from customers and dealers, according to Enrico Galliera, the Chief Marketing and Commercial Officer at Ferrari.
The news of Ferrari accepting DOGE payments has had a positive impact on the price of Dogecoin. Following the announcement, Dogecoin saw a two percent increase in value, reaching $0.088. This development has been well received by the international crypto community, reflecting the growing acceptance of cryptocurrencies in mainstream markets.
To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay as its payment gateway. BitPay enables merchants to accept crypto payments and convert them into fiat currencies for dealers in the US. The collaboration with BitPay allows Ferrari to streamline the payment process for customers looking to purchase luxury cars using cryptocurrencies.
Despite the volatile nature of the crypto market, Dogecoin has managed to maintain stability in its value over the past few months. With a current market cap of $12.44 billion, Dogecoin has positioned itself as the tenth largest cryptocurrency by market cap. It is worth noting that Dogecoin is not only accepted by Ferrari but also by other luxury brands such as Tag Heuer and Gucci, as well as US-based movie theatre chain AMC Theatres.
One of the key figures influencing the price of Dogecoin is Elon Musk, who has been a vocal supporter of the meme-inspired cryptocurrency. In August 2023, Musk’s acquisition of a currency transmitter license for Dogecoin resulted in a three percent increase in its value. This license allows for the facilitation of custody, transfer, and exchange of digital currencies, further solidifying Dogecoin’s position in the crypto market.
Ferrari’s decision to accept Dogecoin payments marks a significant milestone in the adoption of cryptocurrencies in traditional industries. With the support of companies like Ferrari and influential figures like Elon Musk, Dogecoin continues to gain traction as a viable payment option for luxury purchases. The partnership with BitPay and the stable performance of Dogecoin further reinforce its position in the crypto market, signaling a potential shift towards mainstream acceptance of digital currencies.
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