Ferrari will accept cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The automaker also plans to accept crypto payments in Europe.
According According to a Reuters report on October 14, Ferrari's commercial and marketing director Enrico Galliera confirmed the luxury car brand's intentions. Ferrari's decision to accept cryptocurrency payments was driven by market demand and dealer requests, and numerous clients, including young cryptocurrency-savvy investors, had invested in digital currencies.
Although Galliera did not specify the number of cars Ferrari hopes to sell through crypto payments, he reportedly stated that the automaker's strong order book is fully booked until 2025. Ferrari intends to test this expanding market to connect with potential buyers beyond of its regular clientele. The luxury automaker plans to introduce cryptocurrency payments in Europe by the first quarter of 2024 and then expand to other cryptocurrency-friendly regions.
For its initial phase in the US, Ferrari has partnered with major cryptocurrency payment processor BitPay. This collaboration allows transactions in Bitcoin (btc), ether (ETH) and USD currency (USDC).
Galliera confirmed that there will be no additional fees or surcharges when using cryptocurrencies, as BitPay will quickly convert cryptocurrency payments into conventional fiat currency for Ferrari dealers, ensuring they are protected from cryptocurrency price fluctuations.
BitPay will also verify the legitimacy of the digital currency, ensuring that it does not come from illicit activities, money laundering or tax evasion.
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Many large corporations have been hesitant to adopt cryptocurrencies due to the volatility of their prices and the impracticality of associated transactions. Among these companies is Tesla, the electric vehicle maker, which initially began accepting payments in Bitcoin in 2021. However, CEO Elon Musk suspended this payment method due to environmental concerns.
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/cloudfront-us-east-2.images.arcpublishing.com/reuters/4RFB74E6GZJWBIQOGNBGQWYX5Y.jpg?w=75&resize=75,75&ssl=1 "Ferrari to accept crypto as payment for its cars in the US")
