In a bold move to support cryptocurrencies, Ferrari has decided to accept payment for its luxury cars in the United States in the form of Bitcoin, Ethereum, and USD coins. The Italian carmaker analyzed market needs and dealer requirements to contribute to this development. The brand also hopes to attract a younger generation of buyers, many of whom are exploring investments in digital assets, by allowing crypto payments. Ferrari may also start accepting cryptocurrency payments in Europe in the coming months.
Ferrari chief marketing and commercial officer Enrico Galliera confirmed the development in an interview over the weekend. Reuters.
BitPay, an application that allows merchants to accept cryptocurrency payments, has been selected by Ferrari as a payment gateway to convert cryptocurrency payments into fiat currency for Ferrari dealers in the United States. The platform will also analyze paid cryptocurrencies to detect whether they originate from illegal activities such as theft, fraud or tax evasion.
The automaker also doesn’t plan to impose any additional fees on people who choose to pay for their cars via cryptocurrency. Ferrari’s move to support cryptocurrencies sparked a frenzy among members of the global cryptocurrency community on X.
Many coins have rallied after retracing their last surge and I think the next one could be $XNO
The news that Ferrari will accept cryptocurrency as payment for its cars could also be a trigger, why?It provides instant and free transactions@nano pic.twitter.com/VlU4x20Pn0
— Detective Catz (@DetectiveCatz) October 15, 2023
As of now, the automaker has not specified whether all or just some of Ferrari’s models will be available for purchase via cryptocurrency.
However, this is not the first time a high-end luxury car company has opened up cryptocurrency payments.
In early 2021, Elon Musk’s Tesla began accepting Bitcoin payments to purchase some products and services. Musk also discussed opening up payments for electric vehicles in DOGE at the time. Tesla quickly stopped Bitcoin payments due to the harmful environmental impact of Bitcoin mining.
In fact, Ferrari also has ties to crypto assets. To attract a new generation of fans and reward loyal fans with digital memorabilia, Ferrari partnered with blockchain company Velas in 2021. However, the lack of participation from car manufacturers and due to the collapse of cryptocurrencies dealt a heavy blow to Velas’ business at the time.
CEO Anand Mahindra revealed in April 2023 that in India, Mahindra and Mahindra were considering using BTC for payments in the future.
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