Ferrari Fuels Crypto Revolution, Accepts Payments In Cryptocurrencies

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The premier luxury sports car manufacturer, Ferrari, is accelerating its adoption of cryptocurrency. As per the recent report, the company enables customers in the United States to buy their top-tier vehicles using cryptocurrencies such as Bitcoin and Ethereum. Furthermore, it intends to extend this crypto payment feature to European markets in response to robust demand from its customer base.

Renowned Chinese crypto journalist Colin Wu revealed on the X platform that Ferrari, known for its high-performance cars, now accepts cryptocurrency payments such as Bitcoin, Ethereum, and USDC stablecoin for transactions in the United States. This groundbreaking step caters to the rising interest from their wealthy clientele, including investors and conventional buyers seeking portfolio diversification.

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers. “Some are young investors who have built their fortunes around cryptocurrencies”. Reuters reported.…

— Wu Blockchain (@WuBlockchain) October 14, 2023

Enrico Galliera, Chief Marketing and Commercial Officer explains that this foray into cryptocurrency aligns with the company’s commitment to achieving carbon neutrality by 2030. Furthermore, he highlights the cryptocurrency sector’s efforts to reduce its carbon footprint through software innovations and renewable energy usage.

Ferrari Targets New Audience with Crypto Purchase 

Ferrari’s ambition extends beyond embracing cryptocurrency; they aim to connect with a wider audience and attract prospective customers who may not have previously considered owning one of their prized vehicles. While specific details regarding the number of cars available for cryptocurrency transactions remain undisclosed, Galliera emphasizes the strength of its order portfolio, with bookings secured well into 2025.

Ferrari partnered with BitPay, a prominent cryptocurrency payment processor, to facilitate this crypto venture. BitPay will immediately convert cryptocurrency payments into traditional currency, safeguarding dealers and the company from the notorious volatility of the digital asset market.

What sets Ferrari apart in this endeavor is their commitment to providing a seamless experience for customers. Using cryptocurrency to purchase a car comes without additional fees or surcharges, ensuring the transition to this new payment method is as smooth as one of their finely tuned engines.

Ferrari’s crypto payment system will extend its reach to European markets by the first quarter of the upcoming year. The company also plans to gradually introduce this payment option to regions where cryptocurrency usage is legally accepted. Europe, the Middle East, and Africa (EMEA) represent Ferrari’s largest market, accounting for approximately 46% of car shipments in the first half of the current year.

Ferrari’s bold move into cryptocurrency payments underscores a growing trend among established companies aiming to cater to evolving customer preferences and venture into the digital financial landscape. The roar of a Ferrari’s engine might soon be accompanied by the hum of blockchain transactions, forging a new era for the luxury car market.


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