The Italian carmaker has started accepting cryptocurrency payments for its sports cars in the US and will expand to Europe.
Ferrari Chief Marketing and Commercial Officer Enrico Galliera told Reuters this week that the company has started accepting cryptocurrency payments in the U.S. market. Initially, Ferrari will partner with BitPay to process payments. They currently accept Bitcoin, ether and USDC.
"The price remains the same, no fees and no surcharges," Galliera said.
BitPay will instantly convert the crypto payment into fiat currency, avoiding the risk of price fluctuations.
A Ferrari on display at the exhibition. Photo: Reuters
Ferrari said the decision was based on market and dealer demand. Many of its customers are now investing in cryptocurrencies. “Some are young investors who have built their wealth with cryptocurrencies. Some are traditional investors who want to diversify their portfolio,” Galliera said.
Ferrari sold more than 1,800 cars in the Americas in the first half of this year. Galliera did not say how many cars he expects to sell using cryptocurrency. “This will help us connect with people who are not yet customers but who have the ability to buy a Ferrari,” he said.
Ferraris start at more than 200,000 euros ($211,000). Some cost as much as 2 million euros. They plan to expand the cryptocurrency payment program to Europe early next year and other regions as cryptocurrencies become legal.
Many large companies are still shying away from cryptocurrencies, citing their volatile prices as limiting their commercial use. Imperfect regulatory frameworks and energy-intensive mining keep them from becoming widely used for payments.
Electric car company Tesla accepted Bitcoin payments in 2021. But the program was later canceled due to Tesla CEO Elon Musk's concerns about the environmental impact.
Galliera said new software and the use of renewable energy have helped them reduce their carbon emissions. “Our goal of being carbon neutral by 2030 is absolutely achievable,” he said.
Ha Thu (according to Reuters)
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