December 2, 2023

Brighton Journal

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Ferrari accepts cryptocurrency payments in the US

Ferrari accepts cryptocurrency payments in the US

Ferrari will accept payment in cryptocurrencies for its luxury sports cars in the United States upon customer request. The automaker also plans to accept cryptocurrency payments in Europe.

According to According to a Reuters report dated October 14, Enrico Galliera, Ferrari’s chief marketing and commercial officer, confirmed the luxury car brand’s intentions. Ferrari’s choice to accept payments in cryptocurrencies was driven by market demand and merchant requests, with many clients, including young crypto-savvy investors, investing in cryptocurrencies.

Although Galliera did not specify how many cars Ferrari expects to sell via cryptocurrency payments, it did mention that the automaker’s robust order portfolio is fully booked until 2025. Ferrari aims to test this expanding market to connect with potential buyers beyond its usual clientele. The luxury carmaker plans to introduce cryptocurrency payments in Europe by the first quarter of 2024 and expand into other crypto-friendly regions after that.

In its initial phase in the US, Ferrari has reportedly partnered with major cryptocurrency payment processor, BitPay. This collaboration enables transactions in Bitcoin (BTC), Ethereum (ETH), and US Dollars (USDC).

Galliera confirmed that there will be no additional fees or fees when using cryptocurrency, as BitPay will instantly convert cryptocurrency payments into traditional fiat currency for Ferrari merchants, ensuring their protection from cryptocurrency price fluctuations.

BitPay will also verify the legitimacy of the cryptocurrency, ensuring that it does not arise from illegal activities, money laundering or tax evasion.

Related: Madeira announces the creation of a Bitcoin Innovation Business Centre

Many major companies have been hesitant to adopt cryptocurrencies due to their price volatility and associated impracticality of transactions. Among these companies is Tesla, the electric car manufacturer, which initially began accepting payments in Bitcoin in 2021. However, CEO Elon Musk has suspended this payment method due to environmental concerns.

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