Ferrari will accept cryptocurrency as a payment method for its luxury cars in the U.S., according to a Reuters report.
The company intends to expand this payment option to Europe in the near future. The decision to embrace cryptocurrency was made in response to requests from the market and dealers. Many of Ferrari’s clients have invested in cryptocurrencies, the firm said.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” the company's chief marketing and commercial officer Enrico Galliera told Reuters.For its U.S. operations, the company has partnered with BitPay, a notable cryptocurrency payment processor. Payments in bitcoin, ether, and the stablecoin USDC will be accepted and promptly converted into fiat currencies to safeguard dealers from crypto price volatility.
Countries with cryptocurrency restrictions, such as China, will not be included in Ferrari’s cryptocurrency payment expansion strategy. Galliera stated that Ferrari’s order portfolio is fully booked until 2025. However, the company is experimenting with this payment method to potentially attract new customers.
In 2021, electric car manufacturer Tesla initiated the acceptance of payments in bitcoin. However, CEO Elon Musk subsequently suspended accepting crypto payments for car purchases due to environmental concerns.© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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