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Ferrari will begin accepting cryptocurrency payments for its luxury sports cars in the United States in response to customer interest. The automaker also intends to implement crypto payment options in Europe.
As reported by Reuters on October 14, Enrico Galliera, Ferrari’s chief marketing and commercial officer, affirmed the luxury car brand’s plans. The decision to accept cryptocurrency payments was influenced by market demand and requests from dealers, with many clients, including young investors familiar with digital currencies, having invested in cryptocurrencies.
While Galliera did not disclose the anticipated number of vehicles Ferrari expects to sell through crypto payments, he mentioned that the company’s robust order portfolio is fully booked until 2025. Ferrari seeks to explore this growing market to engage with potential buyers beyond its traditional customer base. The luxury manufacturer plans to roll out cryptocurrency payments in Europe by the first quarter of 2024 and will extend to other crypto-friendly areas thereafter.
In its initial phase in the U.S., Ferrari has reportedly teamed up with the prominent cryptocurrency payment processor, BitPay. This partnership facilitates transactions in Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
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Galliera confirmed that there will be no extra fees or surcharges for using cryptocurrency, as BitPay will quickly convert crypto payments into standard fiat currency for Ferrari’s dealers, protecting them from fluctuations in cryptocurrency prices.
BitPay will also authenticate the validity of the digital currency, ensuring it does not stem from illegal activities, money laundering, or tax evasion.
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Numerous large corporations have been cautious about adopting cryptocurrencies due to their price volatility and related transaction challenges. Among these companies is Tesla, the electric vehicle manufacturer, which initially accepted payments in Bitcoin in 2021. However, CEO Elon Musk halted this payment option due to environmental concerns.
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