Daily Crypto, Finance, and Tech News Summary – October 19, 2023

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Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance, or tech news to stay ahead.

Note: We forgot the include the video in yesterday’s newsletter. We’ve updated the post with a link here.

Many people buying a red ferrari supercar using smartphones, circular tokens over car and ground, wall st bank in background

Ferrari Accepts Crypto As Payment For Its Cars In The USA

The famed Italian luxury sports car maker, Ferrari, is steering into the world of cryptocurrency, now accepting payments for its luxury sports cars in the U.S., with plans to extend this to Europe.

This decision is in response to growing customer demand, many of whom have invested in crypto.

While most companies shy away from crypto due to its volatility, Ferrari is following in the tracks of Tesla, which accepted bitcoin payments briefly in 2021 but then pulled out due to environmental concerns from the inefficiency of traditional cryptos.

The Italian company has partnered with BitPay, a major cryptocurrency payment processor, for the initial U.S. phase, and will accept transactions in Bitcoin, Ethereum, and stablecoin USDC.

The processor will also ensure that the digital coins come from legitimate sources.

The luxury carmaker, which sold 13,200 cars in 2022, remains shielded from crypto’s price swings as BitPay will immediately convert cryptocurrency payments into traditional currency.

Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, assures there will be no price changes, fees, or surcharges for crypto payments.

Ferrari’s move into crypto is not just about sales, but also about connecting with potential customers who might afford a Ferrari.

Despite the restrictions on cryptocurrencies in some countries like China, Ferrari’s crypto journey is just beginning.

The company plans to extend its crypto payment scheme to Europe by the first quarter of 2024 and later to other regions where crypto is legally accepted.

Europe, the Middle East, and Africa account for 46% of Ferrari’s total car shipments, so the potential for crypto purchases is substantial.

This innovative move has already seen the majority of U.S. Ferrari dealers signing up, with Galliera confident that more will join soon. Read more here.

Zucoins’ Edge For Conscious Brands

Addressing customer demand is pivotal in any business, and the shift by Ferrari to accept cryptocurrency payments indicates the growing acceptance of digital assets amongst consumers.

Environmental concerns remain a significant issue within the cryptocurrency industry.

Ferrari’s marketing officer’s claim that crypto is now environmentally friendly is very tongue-in-cheek.

The efforts to reduce emissions via efficiency improvements have resulted in significantly increased centralization concerns for Ethereum.

And while Bitcoin has more miners working on renewable sources of energy, it appears most sources still come from fossil fuels, as found in major mining regions such as Texas, USA (more here) and the Middle East.

However, Zucoin’s Splitchain network operates on a truth-based system where nodes cache data, heavily reducing energy consumption and environmental impact.

This is a significant benefit that Zucoins can leverage, especially as businesses like Ferrari aim for carbon neutrality.

By aligning with companies’ environmental goals, Zucoins can position itself as a green alternative in the crypto market.

Ferrari’s decision to accept cryptocurrency payments was not just about sales, but also about broadening its customer base.

This serves as a lesson for emerging crypto systems like Zucoins.

The cryptocurrency market is vast, and attracting the right segment of the market is key to success.

While Zucoins’ truth-based system and energy-efficient operations are significant advantages, it can further its market adoption by strategically identifying and targeting customers who value these abilities.

This could be done by aligning with businesses that share its environmental ethos or by partnering with platforms that cater to a demographic interested in safer and more efficient crypto transactions, not to mention the numerous other abilities of Splitchain.

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All the best,
Peter & Rob

Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.