Ferrari will accept cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The car manufacturer also plans to accept crypto payments in Europe.
According to a Reuters report on October 14, Ferrari’s commercial and marketing director Enrico Galliera confirmed the luxury car brand’s intention. Ferrari’s decision to accept cryptocurrency payments was driven by market demand and dealer requests, with many customers, including young crypto-savvy investors, investing in digital currencies.
Although Galliera did not specify the number of cars Ferrari expects to sell through cryptocurrency payments, he stated that The automaker’s robust order book is fully booked through 2025. Ferrari aims to test this expanding market to connect with potential buyers beyond its usual clientele. The luxury automaker plans to introduce cryptocurrency payments in Europe in the first quarter of 2024 and expand to other cryptocurrency-friendly regions thereafter.
For its first phase in the US, Ferrari has partnered with leading cryptocurrency payment processor, BitPay. This collaboration allows transactions in Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
Galliera confirmed that there are no more fees or surcharges for using cryptocurrencies because BitPay will quickly convert payments from crypto to conventional fiat currency for Ferrari dealers, ensuring that they are protected from cryptocurrency price fluctuations.
BitPay will also check the legitimacy of the digital currency, ensuring that it does not come from illegal activities, money laundering, or tax evasion.
Many large companies are hesitant to adopt cryptocurrencies because of the volatility of their prices and impractical transactions. Among these companies is Tesla, the electric car manufacturer, which initially started accepting Bitcoin payments in 2021. However, CEO Elon Musk suspended this payment method due to concerns about the environment.