Ital Auto Singapore Pte Ltd has started accepting cryptocurrency as
payment through a partnership with a digital assets firm licensed by the
Monetary Authority of Singapore (MAS).
The
dealership, which is the Official Ferrari Importer for Singapore, will be able
to convert cryptocurrency instantly into dollars with instant bank settlements,
lower transaction fees than traditional methods. A locked-in exchange rate with
no volatility risk and instant confirmation ensures the payment can proceed in
a safe and secure manner.
The
digital asset firm that will collaborate with Ital Auto has been granted a
Digital Payment Token licence by the MAS, Singapore’s central bank. It is also
registered with the United States Financial Crimes Enforcement Network.
Mr
Nicholas Syn, Director of Ital Auto Pte Ltd, said: “As digital currencies are reaching
mass adoption, it is an opportunity for the business to look at this valid
alternative to traditional payment methods. Through this partnership, Ital Auto
can now conduct user-friendly transactions that are trusted, seamless and
secure without exposure to price fluctuations.”