Ferrari has initiated the acceptance of cryptocurrency as payment for its opulent sports cars in the U.S. This service will soon be expanded to Europe.
The company recently began accepting digital currencies, such as Bitcoin, Ethereum, and USDC, in the U.S. This decision notably stems from the increasing demands of their affluent clientele.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, stated:
“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.”
The executive stated that this move towards cryptocurrency payments corresponds with the company’s pledge to achieve carbon neutrality by 2030. He also highlighted how cryptocurrencies have progressed in reducing their carbon footprint through software enhancements and the adoption of renewable energy sources.
BitPay, a prominent processor of cryptocurrency payments, secured the deal for Ferrari’s launch. The firm will promptly convert cryptocurrency payments into conventional currency to shield dealers and the company from the volatility of digital assets.
Ferrari’s decision aims to provide a smooth experience for its clientele. They won’t face extra charges when utilizing cryptocurrencies for purchases.
Ferrari’s Plans to Explore the Use of Cryptocurrencies
The luxury car manufacturer intends to expand its cryptocurrency payment system to Europe in the first quarter of next year. Subsequently, Ferrari will extend this development to regions where cryptocurrencies are legally sanctioned.
Notably, Europe, the Middle East, and Africa (EMEA) represent Ferrari’s largest market. These regions contributed to approximately 46% of their car shipments in the first half of this year.
Galliera highlighted the company’s robust and fully scheduled order portfolio, extending until 2025. However, he expressed the company’s intention to explore this broadening horizon. He stated that the initiative will enable them to reach out to individuals who might not currently be our clientele but possess the means to acquire a Ferrari.
Crypto Spreads Throughout the Automobile Sector
Ferrari’s adoption of cryptocurrency payments illustrates a growing trend among established companies to meet their customers’ changing preferences. These renowned enterprises are eager to tap into the world of digital finance.
Tesla, the electric car manufacturer, which initially embraced Bitcoin as a form of payment in 2021. However, CEO Elon Musk discontinued this practice later on, citing environmental issues as the reason for the abrupt halt.
As reported earlier this month, Honda also is embracing crypto payments for its vehicles; the company has integrated with FCF Pay, a blockchain-driven payment platform. Customers can utilize approximately 46 cryptocurrencies to acquire Honda products through either renting or purchasing.