Ferrari’s Bitcoin acceptance is major market win, says CoinFlip CEO

November 16, 2023 Coin Telegraph

It’s not a matter of will big-name companies follow Ferrari’s lead to adopt Bitcoin, but when, according to CoinFlip CEO Ben Weiss.

Ferrari’s decision to allow U.S. residents to buy its cars in exchange for cryptocurrencies like Bitcoin (BTC) has become one of the biggest market wins in 2023, according to the CEO of the Bitcoin ATM operator CoinFlip.

Ferrari has been aware of the growing demand from clients for alternative payment solutions and decided to support dealers in meeting these clients’ requests, the representative said, adding:

“The source of the cryptocurrencies will be proven, and volatility risks associated with exchange rates will be eliminated. Dealers — and ultimately Ferrari — will receive payments in traditional currency and will not be managing cryptocurrencies directly.”

Ferrari added the crypto payment support by integrating BitPay, a major crypto payment firm serving global brands like AMC Theaters, the electronics retailer Newegg and others. According to BitPay, Ferrari customers in 10 U.S. locations — including Washington and Las Vegas — can now exchange their crypto for a top Ferrari car model like SF90 Stradale, Ferrari Purosangue, Daytona SP3 and more.

*SF90 Stradale as one of Ferrari models that can be bought with Bitcoin. Source: BitPay*

According to CoinFlip CEO Ben Weiss, Ferrari’s move to accept crypto payments is significant for the market. “Their notable reputation can increase adoption, cryptocurrency value, and consumer confidence,” Weiss said, suggesting that their crypto move is also likely to spark interest from lawmakers to develop clear regulatory frameworks.

Weiss believes that Ferrari’s push will eventually push more traditional global firms to accept Bitcoin as payment. He said:

“It’s not a matter of will big-name companies follow Ferrari’s footsteps, but when. Bitcoin is the best performing asset of the decade proving it’s here to stay and encouraging other big names like PayPal and BlackRock to embrace digital assets.”

Ferrari’s decision to adopt cryptocurrency payment has come in line with aspects related to environmental, social and corporate governance, the firm’s representative told Cointelegraph.

“The analysis of data regarding the environmental impact associated with cryptocurrencies has been a fundamental part of our decision-making process to adopt cryptocurrencies — in line with our objective to become carbon neutral by 2030,” the spokesperson stated.

According to industry analysts, the share of Bitcoin mining energy from renewable sources exceeded 50% as of mid-September 2023. However, Elon Musk’s Tesla still hasn’t adopted the BTC payment option after halting such payments in 2021 over carbon concerns.

“Tesla still accepts Dogecoin, and Elon continues to be a proponent of crypto,” CoinFlip CEO Weiss noticed, adding that the Tesla founder could also boost crypto adoption by introducing it to the social media platform X (formerly Twitter). He said:

“Elon also has significant experience with payments from his PayPal days and if Elon decides to bring payments to X, as many expect, crypto would be a natural payment rail.”

In a publicly accessible doc titled “What You Need To Know If You Use Bitcoin,” Tesla listed several facts about the cryptocurrency, including that Bitcoin payments are irreversible.

“That’s just the way the Bitcoin network works — no do-overs. So please make sure you enter the correct Bitcoin price in the amount field and the correct Bitcoin address in the recipient field,” the document reads.

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Crypto payment option for Honda cars only works via third-party platform

October 16, 2023 Coin Telegraph

Coin Telegraph

FCF Pay’s X account has been suspended amid circulating misreporting about its “partnership” with Honda, which has never happened.

Major automobile manufacturer Honda does not accept cryptocurrency payments directly but one can use cryptocurrencies like Bitcoin (BTC) to buy a Honda car through a third party.

In early October, several publications mistakenly reported that Honda started accepting cryptocurrency as payment. But Honda doesn’t allow one to purchase its cars in exchange for crypto, a spokesperson for the firm told Cointelegraph, stating:

“American Honda does not accept cryptocurrency as payment. The recent reports regarding a change to this policy are incorrect.”

Honda didn’t respond to additional questions on its stance on crypto or whether the company is planning to integrate cryptocurrency payments in the future.

While direct crypto payments for Honda automobiles aren’t available, one can still use cryptocurrency payment platforms like FCF Pay to buy a Honda car.

According to FCF Pay chief operating officer Joseph Parkin, Honda isn’t the only car brand that can be bought using crypto on the platform. “There are more car manufacturers on the list, including Mercedes, BMW, Ford, Nissan and Mitsubishi,” Parkin told Cointelegraph in early October.

According to the COO, payments on FCF Pay are settled by a payment aggregator through the same payment rails that allow one to pay in cash in bank branches. “In the case of this payment flow, crypto really is acting as digital cash or the cash of the internet,” Parkin said. He added that only those companies that are part of FCF Pay-deployed bill payment aggregation system are currently available.

The service is currently only available in the United States. Still, FCF Pay is working with additional partners to carry out crypto-to-fiat bill settlement in Mexico, several Latin American countries, multiple African nations, and Asia, according to the exec. The bill payments system went live in September 2023, enabling one to buy products using coins like Bitcoin, Ether (ETH), XRP (XRP), Tether (USDT), USDC (USDC) and others for a $3 plus 2% fee.

“Our aim is to onboard companies and corporations of every size and in every sector for direct crypto payments and we hope that governments around the world open their eyes soon to the benefits of making it easier for companies to accept crypto payments,” Parkin stated.

The COO also emphasized that FCF Pay hasn’t entered into a partnership with firms like Honda to enable crypto payments for Honda cars. “Our system allows customers to pay with cryptocurrency, but the nearly 21,000 companies that feature on the system receive fiat via our payment aggregator partner,” Parkin noted.

The news comes amid FCF Pay's struggle to restore its page on X (formerly Twitter) after its account got suspended on Oct. 5. Parkin has linked the suspension to accusations based on the fake news that has been circulating.

“We were being accused of claiming partnerships with the companies on our bill payments system, whereas we were actually trying our absolute best to dispel these misrepresentations from other news sources,” the exec said. He added that FCF Pay’s X account encountered a lot of “bot-like interactions” days before the suspension. FCF Pay suggested that the activity might have been an attempt to get the account suspended by competitors or the supporting communities.

*FCF Pay’s suspended account on X (formerly Twitter). Source: X*

“The good news is that we are actually in the process of rebranding anyway as we lead up to our mobile app release at the end of the year. We may simply accelerate the process to switch over to the new branding if the FCF Pay account doesn't get unblocked soon,” the COO stated.

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Santander bank trials blockchain platform for used cars in Brazil

October 24, 2022 Coin Telegraph

Banks

Santander Brasil is also reportedly planning to launch crypto trading services to its customers, CEO Mario Leao announced in July.

Major global bank Santander continues exploring the benefits of blockchain technology, with a local branch implementing blockchain for vehicle trading and car registration.

Santander Brasil has launched testing of a blockchain-based tokenization platform for transferring ownership of used cars in Brazil, Cointelegraph Brasil reported on Oct. 19.

The platform is designed to automate the process of transferring property registration by deploying smart contracts based on a delivery versus payment (DVP), a settlement method guaranteeing the ownership transfer after successful payment.

Santander’s latest vehicle registration solution is developed in partnership with Parfin, major digital custody and Web3 infrastructure provider in Latin America.

According to Parfin co-founder and chief technology officer Alex Buelau, the platform will be based on a proprietary blockchain network developed from the Ethereum blockchain. But in contrast to Ethereum, the system’s blockchain will be permissioned or private, meaning that it will not be publicly accessible.

Santander's project is part of initiatives selected by Brazil's central bank’s Financial Innovations Laboratory (Lift). The Lift acts as a project incubator, with one of the goals to apply the digital real, or Brazil’s central bank digital currency, which is reportedly scheduled for launch in 2024. In the meantime, Santander has already presented its demo platform to the central bank, aiming to test real transactions involving in the near future.

Jayme Chataque, open finance superintendent at Santander, suggested that the same technology could be used for selling and registering properties. “It has both convenience and security benefits for both the buyer and the seller. You turn two transactions into one,” he noted.

Buelau reportedly pointed out that regulation is one of the few major challenges on the path to mass adoption of blockchain technology, stating:

“Technology is moving faster than regulation. [...] The challenge is in regulation. But Brazil is ahead in that sense, the authorities are bold, so we may have this sooner than we thought.”

Santander Brasil is the Brazilian unit of Spain’s largest commercial bank, Banco Santander. The local bank is known for its crypto-friendly stance, with CEO Mario Leao reportedly announcing Santander Brasil’s plans to launch crypto trading earlier this year.

The global Santander bank has also been actively experimenting with blockchain technology, jointly working on tokenization infrastructure for agro commodities and issuing blockchain-based bonds. The bank is also known for its close collaboration with major crypto firm Ripple.

Ferrari’s new deal with blockchain firm Velas hints at NFTs

December 28, 2021 Coin Telegraph

Coin Telegraph

Ferrari will be issuing exclusive digital content for its fans in collaboration with Swiss blockchain startup Velas.

Italian luxury sports car manufacturer Ferrari is moving into the blockchain industry by inking a partnership with Swiss blockchain startup Velas Network.

Ferrari officially announced Monday that it had signed a multi-year agreement with Velas to jointly issue “exclusive digital content” for the Scuderia’s fans. Velas will also be the main sponsor for Ferrari Esports Series, the online series competing in the F1 Esports Series, the official digital championship including all teams participating in the FIA Formula 1 World Championship.

The announcement describes Velas as a major company in the industry of digital assets and blockchain, emphasizing the startup’s focus on nonfungible tokens (NFT):

“A global player in the blockchain and NFT sector, Velas has distinguished itself through the performance and innovation of its services and its technological leadership, characteristics that unite it with the Maranello team.”

Scuderia Ferrari general manager Mattia Binotto noted that the company chose Velas as one of its premium partners, as the companies share values such as innovation and performance of technologically advanced products and services.

Farkhad Shagulyamov, a co-founder and newly appointed CEO of Velas, said that it was natural for Velas to partner with “another icon of excellence, which is Ferrari.”

“Velas has introduced an innovative variety of pioneering technology into the blockchain and associated products, which will now be showcased at the pinnacle of motorsport,” he noted.

The next chapter is coming Today, Velas officially partnered with Scuderia Ferrari. Thanks to both the @ScuderiaFerrari and @VelasBlockchain teams for such fantastic work you have done together.

Don't miss our updates to know more pic.twitter.com/X6NuVkKCkR
— Farkhad S (@SFarkhad) December 27, 2021

Ferrari and Velas did not immediately respond to Cointelegraph’s request for comment.

Velas is an open-source blockchain network working to provide a mix of the best features of centralized and decentralized tools. As of October, the firm allocated $100 million to startups building on top of the Velas blockchain, which was a significant surge from its initial pledge of $5 million.

Velas (VLX), the native token of the Velas blockchain, has edged up significantly recently. Trading at $0.346, the token is up around 4% over the past 24 hours at the time of writing, according to data from CoinGecko. VLX is up more than 70% over the past seven days.

Venezuelan international airport to accept Bitcoin payments: Report

October 12, 2021 Coin Telegraph

Coin Telegraph

“We must advance in these new economic and technological systems to be accessible,” Maiquetia airport director said.

A major international airport in Venezuela is reportedly preparing to start accepting cryptocurrencies like Bitcoin (BTC) as payment for tickets and other services.

Simón Bolívar International Airport is working to enable cryptocurrency payments to comply with local industry standards, regional news agency El Siglo reported on Sunday. Also known as Maiquetia, the airport is located in downtown Caracas, the capital of Venezuela.

According to Maiquetia airport director Freddy Borges, the airport plans to accept many cryptocurrencies, including Bitcoin, Dash and Venezuela’s oil-pegged digital currency, the Petro. He said that the airport’s administration would introduce new payment options in coordination with Venezuela’s National Superintendence of Crypto Assets and Related Activities.

The introduction of crypto payments at the Maiquetia airport would mark the company’s commitment to advance toward international standards and drive digital currency adoption, Borges noted. According to the executive, the crypto payment option would benefit foreign tourists, including those from Russia.

“We must advance in these new economic and technological systems to be accessible,” Borges reportedly stated.

The news comes amid Venezuela experimenting with a central bank digital currency (CBDC), with the country’s central bank launching the digital Venezuelan bolivar on Oct. 1. Unlike a CBDC, which is pegged to Venezuela’s national currency, the Petro is an oil-backed cryptocurrency launched by the government in February 2018.

Several airports and airlines around the world have been exploring ways to introduce crypto payments and blockchain-based functionalities in recent years, providing better options for cash payments and improving customer verification services, including COVID-19 test results. In March, Latvian airline airBaltic started accepting Ether (ETH) and Dogecoin (DOGE) as payments for tickets after rolling out crypto payments back in 2014.

Beijing subway now accepts digital yuan

June 30, 2021 Coin Telegraph

CBDC

Beijing's rail transit service now accepts digital yuan for subway rides through an integration with the Industrial and Commercial Bank of China.

China continues expanding the scope of its central bank digital currency (CBDC) by debuting digital yuan payments for transport services.

According to an official Wednesday announcement, the Beijing subway has launched a pilot program enabling passengers to access 24 subway lines and four suburban railway stations using the digital yuan, also known as e-CNY.

The new service is only available for customers witb a bank account at the Industrial and Commercial Bank of China, a major bank involved in China’s CBDC tests. “You need to download a mobile app that is linked with your bank account to access the service,” a spokesperson for the Beijing rail transit network reportedly said.

The announcement notes that Beijing rail transit service providers will continue promoting diverse applications of the digital yuan in order to optimize the “new digital travel experience.”

The news comes shortly after Suzhou, a city in East China’s Jiangsu province, launched a similar digital yuan integration on Tuesday. According to a report by Sina Finance, Suzhou was the first city in China to start accepting e-CNY payments for subway rides.

Beijing has become a major spot for China’s digital yuan trials, housing a wide number of e-CNY integrations and related initiatives.

As of mid-June, Beijing hosted more than 3,000 digital yuan-enabled ATMs, allowing the public to deposit and withdraw the digital currency. Previously, the Beijing Local Financial Supervision and Administration announced an initiative to distribute $6.2 million in digital yuan to Beijing residents.

Transport