Ferrari to accept crypto payments in the US
Ferrari accepts cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The carmaker plans to accept crypto payments in Europe.
As reported by Reuters on October 14, Ferrari's head of marketing and business, Enrico Galliera, confirmed the luxury car brand's intentions. Ferrari's choice to accept cryptocurrency payments was driven by market demand and demand from distributors, as many customers, including crypto-savvy young investors, have invested in digital currencies.
While Galleria Ferrari did not disclose the number of cars it expects to sell with crypto payments, the automaker said the firm's order portfolio is fully booked through 2025. Ferrari aims to tap into an expanding market to connect with buyers beyond their usual clientele. The luxury car maker plans to introduce cryptocurrency payments in Europe in the first quarter of 2024 and expand to other crypto-friendly regions thereafter.
For the first time in the US, Ferrari has reportedly partnered with leading cryptocurrency payment processor BitPay. This partnership allows transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC).
Galliera ensures that there are no additional fees or surcharges when using cryptocurrency, as BitPay quickly converts cryptocurrency payments into fiat currency for Ferrari merchants, ensuring they are protected from price fluctuations.
BitPay verifies the legitimacy of digital currency, ensuring that it does not originate from illegal activities, money laundering or tax evasion.
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Many large corporations are unable to accept cryptocurrencies due to their price volatility and the impracticality of associated transactions. Among these companies is electric vehicle maker Tesla, which first started accepting payments in Bitcoin in 2021, but CEO Elon Musk has banned the payment method due to environmental concerns.
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