Ferrari Accepts Crypto As Payment Method in US

Ferrari has announced that it will start accepting cryptocurrency payments for its luxury sports cars in the United States, responding to the growing customer demand.

The Italian carmaker also plans to introduce crypto payments in Europe. According to a report from Reuters, Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, confirmed the company’s decision to accept cryptocurrency payments.

The move resulted from market demand and requests from dealers, with many customers, especially young investors who are familiar with digital currencies, showing interest in making payments with crypto.

Ferrari is planning to introduce cryptocurrency payments in Europe by the first quarter of 2024 and expand to other crypto-friendly regions later.

Ferrari has not specified the number of cars sold through crypto payments, but the luxury automaker’s strong order portfolio is fully booked until 2025.

The primary objective of this initiative is to connect with potential buyers beyond its usual clientele and explore the expanding market. To start with, Ferrari has partnered with BitPay, a major cryptocurrency payment processor, for its initial phase in the US. Transactions can be carried out in Bitcoin, Ether, and USD Coin.

Galliera has confirmed that Ferrari’s dealers won’t have to pay any additional fees or surcharges while accepting payments through cryptocurrency.

BitPay, the payment processor, will promptly convert these payments into conventional fiat currency, shielding dealers from the volatility of cryptocurrency prices. Moreover, BitPay will ensure the legitimacy of the digital currency by verifying its source to prevent money laundering, illicit activities, and tax evasion.

Several big corporations have been reluctant to use cryptocurrencies due to their price volatility and impractical transaction methods. One of them is Tesla, the electric vehicle manufacturer, which started accepting payments through Bitcoin in 2021. However, CEO Elon Musk suspended this payment method due to environmental concerns.