Ferrari Embraces Cryptocurrency Payments in the US, Europe

Due to consumer demand, Ferrari will accept cryptocurrency payments in the United States for its luxury sports cars. The automaker intends to accept cryptocurrency payments in Europe.

Reuters reported on October 14 that Ferrari’s chief marketing and commercial officer, Enrico Galliera, verified the luxury automaker’s intentions.

Numerous customers, including crypto-savvy young investors, have invested in digital currencies, which influenced Ferrari’s decision to accept cryptocurrency payments.

Galliera did not specify the number of vehicles Ferrari expects to sell via crypto payments, but he reportedly stated that the automaker’s order portfolio is completely booked through 2025.

Ferrari intends to test this expanding market to communicate with potential buyers outside of its typical customer base. The luxury automobile manufacturer intends to implement cryptocurrency payments in Europe by the first quarter of 2024 and then expand to other crypto-friendly regions.

Ferrari has reportedly partnered with major cryptocurrency payment processor BitPay for its initial phase in the U.S. This partnership enables Bitcoin, Ether, and USD Coin transactions.

BitPay will promptly convert cryptocurrency payments into conventional fiat currency for Ferrari’s merchants, protecting them from cryptocurrency price fluctuations, Galliera confirmed.

BitPay will also confirm the legitimacy of the digital currency, ensuring that it is not derived from illegal activities, money laundering, or tax evasion.

Due to the volatility of their prices and the impracticality of their transactions, many large corporations have been hesitant to adopt cryptocurrencies.

Among these businesses is Tesla, an electric vehicle manufacturer that began accepting Bitcoin payments in 2021. However, CEO Elon Musk suspended this payment mechanism out of concern for the environment.