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Ferrari, the luxury sports car manufacturer, has announced its decision to accept cryptocurrency as a payment method for its vehicles in the United States. The company is also planning to introduce crypto payments in European markets.
Enrico Galliera, Ferrari's Chief Commercial Officer, revealed this development, stating that it was a response to customer requests and dealership demands. Many of Ferrari's customers, including younger crypto investors, have diversified their portfolios with digital assets.
Ferrari's order books are reportedly full through 2025, and while specific sales figures from cryptocurrency transactions were not disclosed, this move is seen as an experiment to engage a broader range of buyers not traditionally associated with Ferrari's customer base. The company plans to roll out cryptocurrency payments in Europe in early 2024, with potential expansion to other regions in the future.
To enable cryptocurrency payments in the United States, Ferrari is partnering with BitPay, a major cryptocurrency payment service. Customers will be able to use Bitcoin, Ether, and USD Coin to make payments. Galliera reassured customers that there will be no additional charges for using digital currencies, as BitPay will convert the crypto transactions into standard currency to protect Ferrari's dealers from crypto price volatility.
BitPay will also conduct stringent checks on the origin of the digital funds to ensure they are not connected to any suspicious activities, money laundering, or tax evasion.
This move by Ferrari follows the mixed adoption of cryptocurrency in the automotive industry, with some companies, like Tesla, briefly accepting Bitcoin for vehicle purchases before suspending the option due to environmental concerns and crypto price volatility.
