By the end of 2024, Ferrari aims to extend cryptocurrency payments to dealers worldwide, where local regulations permit. The move comes in response to increasing customer demand for alternative payment methods.

Despite the volatility inherent in cryptocurrencies, Ferrari has embraced digital assets as a payment option. The company’s decision to expand this service reflects its commitment to catering to the evolving preferences of its high-net-worth clientele.

To protect dealers from cryptocurrency price fluctuations, Ferrari has partnered with BitPay for its U.S. operations, converting crypto payments into traditional currency immediately. The company has not yet disclosed its payment processor for the European market.

Ferrari’s expansion into cryptocurrency payments marks a significant step for the luxury automotive industry, as it navigates the intersection of traditional commerce and emerging digital currencies.

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The company believes that removing the requirement for a customer to submit a high-quality photo of their government-issued ID will encourage more people to sign up. Ramp is first launching the service in Brazil, South America’s largest economy.

“By reducing barriers to entry, documentless KYC can play a major role in driving mass adoption of digital currencies,” said Ramp’s Trading Director, Jose Jimenez-Mancha. “We are launching documentless KYC in Brazil first, and we will expand to other regions throughout 2024.”

This update to the company’s KYC policy follows its integration with Brazil’s national digital payments platform, Pix.

Announced in September last year, the move was also designed to make it easier for customers to sign up in the country, which is home to over 200 million people. Pix, which allows people to purchase goods and send money to each other using a smartphone app, is used by the majority of Brazilians.

The Verification Process (Ramp)

The absence of a government ID photo requirement means Ramp will need to be extra careful to ensure its KYC protocols are working effectively and that people are who they say they are. However, the company said that Ramp does not work directly with the Brazilian government, but instead partners with a third party that can carry out the necessary checks.

The company said the new initiative will help users hoping to sign up to platforms that have integrations with Ramp, such as MetaMask, TrustWallet, BitPay and others.

The post Ramp to Launch Simplified KYC Process! appeared first on Coin Engineer.

Roblox denied the XRP claim. Subsequently, according to an announcement made today, Xsolla and BitPay have introduced the use of Ripple’s cryptocurrency, XRP, for in-game purchases. According to BitPay’s announcement, Roblox, which has over 200 million active players monthly, has added XRP to its payment methods.

Xsolla, which manages in-game payments on Roblox, has now included XRP in its payment options. The decision was made to connect with cryptocurrency wallets via BitPay.

Roblox denies XRP claim. After that Roblox, accessible on platforms like Windows, macOS, Android, and iOS, has more than 200 million users monthly. In the first quarter of the year, Roblox players spent $773 million on in-game purchases.

The collaboration between Xsolla and BitPay was established when they began accepting Bitcoin in 2014. In September 2023, BitPay and Xsolla began offering the PayPal USD (PYUSD) service, PayPal’s stablecoin, for merchants and consumers.

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