Ferrari will accept cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The automaker also plans to accept cryptocurrency payments in Europe.
according to According to a Reuters report on October 14, Ferrari Chief Marketing and Commercial Officer Enrico Galliera confirmed the luxury car brand’s intentions. Ferrari’s choice to accept cryptocurrency payments was driven by market demand and dealer requests, with many customers, including young crypto-savvy investors, investing in digital currencies.
Although Galliera did not specify the number of cars Ferrari expects to sell via crypto payments, he reportedly said the automaker’s strong order portfolio is fully booked until 2025. Ferrari aims to test this expanding market to connect with potential buyers beyond its regular customers. The luxury carmaker plans to launch cryptocurrency payments in Europe in the first quarter of 2024 and expand to other crypto-friendly regions later.
Ferrari has reportedly partnered with major cryptocurrency payment processor BitPay for the initial phase in the United States. The partnership supports trading in Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC).
Galliera confirmed that there will be no additional fees or surcharges when using cryptocurrencies, as BitPay will instantly convert cryptocurrency payments into traditional fiat currency for Ferrari dealers, ensuring they are protected from cryptocurrency price fluctuations.
BitPay will also verify the legitimacy of digital currencies to ensure they do not originate from illegal activity, money laundering or tax evasion.
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Many large companies are hesitant to adopt cryptocurrencies due to price volatility and the impracticality of related transactions. These companies include electric car maker Tesla, which initially began accepting Bitcoin payments in 2021. But CEO Musk suspended the payment method over environmental concerns.
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