Breaking: Ferrari Now Accepts Crypto Payments With BitPay For Car Purchases

The leading luxury sports car manufacturer Ferrari is putting the pedal to the metal on cryptocurrency acceptance. According to a recent report, the company is now allowing customers in the United States to purchase their high-end vehicles using crypto like Bitcoin and Ethereum. In addition, Ferrari plans to expand this payment option to European markets in the near future following strong demand from its clientele.

Ferrari Accepts Crypto As Payments

Ferrari, known for its high-performance vehicles, has made a strategic move to embrace cryptocurrency payments. Recently, the company has initiated the acceptance of digital currencies like Bitcoin, Ethereum, and the popular stablecoin, USDC in the U.S. Notably, this decision comes in response to growing requests from their wealthy customers, including both crypto-savvy investors and more traditional buyers looking to diversify their portfolios.

Meanwhile, the Chief Marketing and Commercial Officer of Ferrari Enrico Galliera said that this shift toward cryptocurrency payments aligns with the company’s commitment to carbon neutrality by 2030. In addition, he mentioned that cryptocurrencies have made strides in reducing their carbon footprint through software improvements and the use of renewable energy sources.

Ferrari is now looking to cater to a broader audience and connect with potential customers who might not have considered owning the brand’s car before. However, Galliera did not specify the exact number of cars Ferrari plans to sell through cryptocurrency transactions. Still, he highlighted the robustness of their order portfolio, with bookings extending well into 2025.

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What’s Next?

BitPay, one of the leading cryptocurrency payment processors, has been chosen for Ferrari’s U.S. rollout. The report suggested that BitPay will immediately convert cryptocurrency payments into traditional currency to protect both dealers and the company from the volatility of digital assets.

Meanwhile, the move to accept cryptocurrency payments aims to offer a seamless experience to Ferrari’s clientele, who will not incur additional fees or surcharges when using cryptocurrencies for purchases.

In addition, the luxury carmaker plans to extend its cryptocurrency payment scheme to European markets by the first quarter of the next year and later to regions where cryptocurrency usage is legally accepted. Notably, Ferrari’s largest market is Europe, the Middle East, and Africa (EMEA), which accounted for about 46% of their car shipments in the first half of this year.

Ferrari’s embrace of cryptocurrency payments demonstrates a growing trend among established companies to cater to the evolving preferences of their customers and tap into the digital finance world.

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