Luxury sports car manufacturer Ferrari has made an exciting announcement regarding the acceptance of cryptocurrency payments for its vehicles in the United States. This move comes as a response to customer demands and will be extended to Europe in the near future.
Ferrari and Cryptocurrencies
Following the trend set by electric carmaker Tesla earlier this year, Ferrari has recognized the potential of cryptocurrencies as a form of payment. Despite Tesla’s temporary halt on accepting Bitcoin due to environmental concerns, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera has highlighted the efforts made by cryptocurrencies to reduce their carbon footprint. Through the introduction of new software and increased use of renewable energy sources, the industry is actively working towards sustainability.
“Cryptocurrencies have made efforts to reduce their carbon footprint through the introduction of new software and increased use of renewable energy sources.”
– Enrico Galliera, Chief Marketing and Commercial Officer, Ferrari
Ferrari is committed to achieving carbon neutrality along its entire value chain by 2030, aligning with the growing global focus on environmental sustainability.
Meeting Market Demand
Ferrari’s decision to accept cryptocurrency payments was primarily driven by market demand and requests from its dealers. The luxury car manufacturer acknowledged that many of its affluent clients have invested in cryptocurrencies, making it a natural progression to allow these individuals to use their digital assets to purchase Ferrari vehicles.
“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.”
– Enrico Galliera, Chief Marketing and Commercial Officer, Ferrari
By accepting cryptocurrency payments, Ferrari aims to attract a broader audience and connect with individuals who may not have previously considered purchasing one of their iconic sports cars.
The Partnership with BitPay
To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, a leading cryptocurrency payment processor. This collaboration ensures a seamless and secure payment process for customers. Initially, Ferrari will accept Bitcoin, Ether, and USD Coin (USDC), a stablecoin. BitPay will convert these cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, minimizing the volatility risks associated with crypto payments.
Ferrari’s future plans include expanding their cryptocurrency payment scheme to Europe in the first quarter of the upcoming year. This will be followed by further expansion into regions where cryptocurrency payments are legally accepted. With Europe, the Middle East, and Africa (EMEA) being Ferrari’s largest market region, accounting for 46% of its total car shipments in the first half of 2023, the company recognizes the global demand for such payment options.
