Ferrari gets into cryptocurrency in the US

Ferrari gets into cryptocurrency in the US

The luxury sportscar manufacturer will allow buyers to use crypto for their purchases

Due to customer demand and dealer requests, Ferrari has decided to accept cryptocurrency payments to purchase its luxury sports cars in the United States. The carmaker also says it will soon accept crypto payments for European purchases.

Ferrari chief marketing and commercial officer, Enrico Galliera, verified the luxury carmaker’s intentions, saying its decision to accept cryptocurrency payments was steered by market demand, with numerous clients having invested in digital currencies, according to a report from Reuters on October 14.

While Galliera didn’t specify how many cars Ferrari anticipates selling via crypto purchases, he reportedly said the company’s order portfolio is booked full until 2025. Ferrari seeks to test this growing market to link with potential buyers beyond its usual customer base. Cryptocurrency payments in Europe plan to be introduced in the first quarter of 2024 and extend to other crypto-friendly countries afterward.

In the first US phase, Ferrari reportedly partnered with BitPay to facilitate Bitcoin, Ethereum and USD Coin transactions. Galliera verified that there will be no additional fees or surcharges when making cryptocurrency purchases through BitPay, as the platform will convert cryptocurrency payments into fiat currency for the Ferrari dealers to ensure they’re unaffected by changes in cryptocurrency prices.

BitPay also verifies if digital currency is legitimate by ensuring funds aren’t derived from criminal activities, money laundering, or tax evasion.

The price and volatility associated with transactions have kept many large corporations from adopting cryptocurrency. For example, Tesla initially began accepting Bitcoin payments in 2021. However, CEO Elon Musk discontinued the payment method, citing environmental concerns.

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