Ferrari to accept crypto as payment for its cars in the US.

Ferrari has announced plans to start accepting cryptocurrency as a payment method for its luxury cars in the United States, signaling a significant step in the adoption of digital currencies in the automotive industry. This move highlights the increasing acceptance of crypto as a legitimate means of transaction in mainstream markets.

Ferrari to accept crypto as payment for its cars in the US.

Luxury car manufacturer Ferrari has announced that it will start accepting crypto as payment for its sports cars in the United States. The company also plans to extend this payment option to Europe, following requests from its wealthy clientele. This move is a surprise, as most major companies have avoided accepting cryptocurrencies due to their volatility and energy consumption.

Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, stated that cryptocurrencies have made efforts to reduce their carbon footprint, making them more appealing for the luxury car brand. Galliera affirmed that Ferrari’s commitment to carbon neutrality by 2030 remains intact.

The decision to accept crypto as payment was driven by customer demand, as many of Ferrari’s clients have invested in cryptocurrencies. Galliera mentioned that some are young investors who have amassed their fortunes through digital currencies, while others are traditional investors looking to diversify their portfolios.

Ferrari plans to collaborate with one of the largest crypto as payment processors, BitPay, for the initial phase of this initiative. Bitcoin, ether, and USDC, one of the leading stablecoins, will be accepted for transactions. BitPay will convert virtual currencies into traditional fiat currency on behalf of Ferrari’s dealers, protecting them from price volatility.

Galliera stated that the prices of the cars will not change when paying with cryptocurrencies, with no additional fees or surcharges. The company aims to connect with potential customers who may not have considered purchasing a Ferrari.

The Italian luxury car manufacturer has experienced strong sales in the Americas region, including the United States, with over 1,800 cars shipped in the first half of this year. While Ferrari did not provide specific sales expectations for cryptocurrency payments, it stated that its order portfolio is robust and fully booked until 2025.

Ferrari intends to expand its crypto as payment scheme to Europe by the first quarter of 2023 and eventually to other regions where cryptocurrencies are legally accepted. Galliera emphasized that the interest in this payment option is similar in both the United States and Europe.

By accepting cryptocurrency as payment, Ferrari aims to cater to the evolving preferences of its affluent customers and tap into a new market of potential buyers who have invested in digital currencies.

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