Ferrari adds Dogecoin to list of accepted cryptocurrency payments

Ferrari has recently made strides to support cryptocurrency in its operations, with a new announcement. The Italian luxury carmaker has decided to add Dogecoin to the list of cryptocurrencies it accepts as payment for high-end cars and goods in the United States after the United States opened up payments in Bitcoin, Ethereum, and U.S. dollar coins. The news had a positive impact on DOGE pricing. On Tuesday, Dogecoin had a profit of 2% and was trading at $0.088 (roughly Rs. 7.30).

Ferrari chief marketing and commercial officer Enrico Galliera revealed the new development It is said in an interview this week. Galliera said the main reason Ferrari now accepts DOGE payments is to comply with customer and dealer requirements.

Multiple posts on X show that the news received a positive response from members of the international cryptocurrency community.

Ferrari does not plan to impose any additional fees or charges on people who purchase cars via cryptocurrency. Ferrari has chosen BitPay as its payment gateway for processing cryptocurrency transactions in the United States. The BitPay app allows merchants to accept cryptocurrency payments and convert them into fiat currency for use by Ferrari dealers in the United States.

In the case of Dogecoin, the meme coin has remained stable over the past few months. Its price has not increased significantly recently, nor has DOGE fallen significantly. Doge’s value has increased by more than 5% in the past seven days. The tenth largest cryptocurrency by market capitalization is currently valued at $12.44 billion (roughly Rs. 1,03,205 crore).

The cryptocurrency is also used as a payment method for luxury brands such as watchmaker TAG Heuer and clothing maker Gucci. American movie theater chain AMC Theaters also accepts Dogecoin as payment for movie tickets.

The latest development in Dogecoin’s price surge came in August 2023, when Elon Musk, an avid supporter of Dogecoin, obtained X’s money transmitter license. The license gives the company the right to facilitate the custody, transfer and exchange of digital currencies. At that time, DOGE was priced up 3% and trading at $0.066 (roughly Rs. 5.42).