Ferrari is set to embrace cryptocurrency payments in the United States, catering to the demands of crypto-savvy customers. The luxury carmaker will also expand this payment option to Europe. Learn how Ferrari aims to connect with a new audience through crypto transactions.
Ferrari, renowned for its high-end sports cars, is diving into the world of cryptocurrencies. In response to growing customer interest, the luxury car brand has announced its decision to accept cryptocurrency payments in the United States. Enrico Galliera, Ferrari’s chief marketing and commercial officer, confirmed that this move is a response to market demand and numerous dealer requests, especially from young crypto investors.
While the exact number of cars to be sold through crypto payments wasn’t disclosed, Ferrari’s order book is fully booked until 2025. This initiative aims to tap into a broader customer base. The luxury automaker plans to extend cryptocurrency payments to Europe by early 2024, with possible expansion into other crypto-friendly regions.
In its U.S. phase, Ferrari has partnered with BitPay, a prominent cryptocurrency payment processor, allowing transactions in Bitcoin (BTC), Ether (ETH), and USD Coin (USDC). Importantly, there will be no additional fees, as BitPay will swiftly convert cryptocurrency payments into fiat currency, safeguarding against crypto price volatility. BitPay will also ensure the legitimacy of digital currency to prevent illicit activities.