Ferrari to Accept Crypto as Payment for its Cars in the US – Ferrari’s decision to embrace cryptocurrency payments in the United States stems from growing customer demand and dealer requests, including from tech-savvy young investors who have entered the digital currency space. The luxury car brand is set to venture into the world of cryptocurrencies, with plans to expand into the European market in early 2024.
According to an October 14 report by Reuters, Enrico Galliera, Ferrari’s chief marketing and commercial officer, affirmed the company’s intentions. While Galliera did not specify the exact number of cars to be sold via cryptocurrency payments, he mentioned that Ferrari’s order backlog is already full until 2025. This move is a strategic step for Ferrari to connect with a wider audience and explore new market opportunities.
People Also Read: Tesla Rolls Out Customer Referral Incentive Globally
To facilitate this transition, Ferrari has teamed up with the prominent cryptocurrency payment processor, BitPay, for its initial phase in the United States. BitPay will enable transactions in Bitcoin (BTC), Ether (ETH), and USD Coin, ensuring a smooth payment experience for customers. Importantly, Ferrari will not impose any additional fees or surcharges, as BitPay will efficiently convert cryptocurrency payments into traditional fiat currency, protecting the company from cryptocurrency price fluctuations.
BitPay will also play a role in verifying the legitimacy of the digital currency to prevent illicit activities, money laundering, or tax evasion. This commitment to security and compliance is crucial in an industry where regulatory concerns and fraud prevention are paramount.
The move to accept cryptocurrencies is noteworthy, given the reservations of many large corporations, such as Tesla, which initially embraced Bitcoin payments in 2021 but later suspended them due to environmental and volatility concerns raised by CEO Elon Musk. Ferrari’s decision aligns with the evolving landscape of digital finance and the growing demand for alternative payment methods.