Shiba Inu and XRP continue to soar in adoption as Ferrari, the Italian-based luxury sports car manufacturer, announces plans to start accepting payments for its products in cryptocurrencies via BitPay, the leading crypto payment processor.
Notably, the sports car manufacturing company has kick-started cryptocurrency payments for its vehicles in the United States, which could soon extend to European nations.
The latest development was made public by Enrico Galliera, the chief marketing and commercial officer at the sports car manufacturing company.
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According to the report, the new development came about following requests from the company’s numerous customers and dealers that seemed to now invest heavily in crypto.
Enrico remarked, “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios.”
How Ferarri Plans To Circumvent Crypto Volatility
It is general knowledge that cryptocurrencies are volatile payment options and should not be considered sustainable payment choices.
However, Ferrari seemed to recognize this peculiar problem and came up with an excellent initiative to tackle the issue. The sports car manufacturing company has revealed that BitPay will handle the initial phase of cryptocurrency payments for Ferrari products in the U.S.
According to Enrisco, BitPay will convert every crypto payment into traditional currencies as soon as the payments are made to avoid risking losses, which might emanate from price declines due to crypto price instabilities.
For context, BitPay is a leading cryptocurrency processor firm based in the United States. It accepts payments via cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), XRP, etc. It converts these coins to traditional currencies.
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Implication Of BitPay’s Adoption For SHIB And XRP
The sports vehicle manufacturing firm adopting BitPay to handle its payments in the United States implies that holders of XRP and SHIB can now purchase Ferrari products with their crypto holdings.
The above implies that XRP and SHIB are expanding in terms of utility and adoption, which would undoubtedly make both coins attract more users. At the time of writing, SHIB is changing hands at $0.00000702 while XRP is priced at $0.49.
Meanwhile, Enrisco disclosed that most Ferarri dealers in the United States have reviewed and accepted the initiative. He added that he is confident that the remaining merchants would buy the idea.
The chief marketing officer also noted that the sports car manufacturing firm plans to extend the crypto payment scheme to Europe by the first quarter of next year, followed by other regions of the world where crypto payments are accepted.
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