Ferrari, Italian luxury car maker, has started to accept crypto payments in the US, following the demand from its wealthy customers. The company has partnered with BitPay to process payments in Bitcoin, Ethereum, and USDC. Ferrari plans to extend the crypto payment option to Europe next year and other regions where crypto is legal.
Ferrari, the iconic brand of sports and racing cars, has announced that it has begun to accept crypto as a form of payment for its vehicles in the US.
The company said that it made this decision after receiving requests from its affluent customers, who are either young investors who have made fortunes in crypto or traditional investors who want to diversify their portfolios.
Ferrari has teamed up with BitPay, one of the largest crypto payment processors, to facilitate transactions in the US. Customers can now pay using Bitcoin (BTC), Ethereum (ETH), or USDC, a stablecoin pegged to the US dollar.
Ferrari said that there will be no additional fees or discounts for paying with crypto.
BitPay will instantly convert the crypto into fiat currency to protect dealers from price fluctuations and ensure compliance with anti-money laundering and counter-terrorism financing regulations.
Ferrari also plans to expand the crypto payment option to Europe by the first quarter of 2024, followed by other regions where crypto is legal.
The company said that this will help it connect with people who are not necessarily its clients but can afford a Ferrari and enhance its reputation as a leader in innovation and technology.
In a statement, Enrico Galliera, Ferrari’s chief marketing and commercial officer, expressed his enthusiasm for the crypto payment initiative.
“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia. This approval from MAS is a strategic milestone to deepen our presence in Singapore, which is at the forefront of digital asset innovation.”
Ferrari’s move to accept crypto payments is a significant step for the crypto industry, as it shows that crypto is gaining acceptance and adoption among mainstream businesses and consumers.
Ferrari is not the only car maker to experiment with crypto payments.
Tesla, the electric car maker led by Elon Musk, also started accepting Bitcoin as a payment method in early 2021 but later suspended it due to environmental concerns.
Tesla still accepts Dogecoin, a meme-inspired cryptocurrency, for some of its products.
