Ferrari to accept crypto as payment for its cars in the US


Ferrari has started accepting payments in cryptocurrency for its luxury sports cars in the US and will expand the scheme to Europe after requests from its wealthy customers, its marketing and commercial chief told Reuters.

The majority of blue-chip companies have abandoned crypto because the volatility of bitcoin and other tokens makes them unviable for trading. Complex regulation and high energy consumption have also hindered the spread of crypto as a means of payment.

Among them is electric car maker Tesla, which began accepting payments in the largest cryptocurrency bitcoin in 2021, before CEO Elon Musk halted it due to environmental concerns.

Enrico Galera, chief marketing and commercial officer of Ferrari, told Reuters cryptocurrencies have made efforts to reduce their carbon footprint by introducing new software and using more renewable resources.

“Our goal of reaching carbon neutrality by 2030 along our entire value chain is fully confirmed,” he said in an interview.

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

“There are some young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, looking to diversify their portfolios.”

While some cryptocurrencies, such as the second largest, Ether, have improved their energy efficiency, Bitcoin still faces criticism for its energy-intensive mining.

Ferrari shipped more than 1,800 cars to its US region in the first half of this year, including the US.

Galera did not say how many cars Ferrari expects to sell through the crypto. The company’s order portfolio was strong and fully booked in 2025, but the company wanted to test this expanding universe, he said.

“This will help us connect with people who are not necessarily our clients but can afford a Ferrari,” he said.

The Italian company, which sold 13,200 cars in 2022 with prices starting at 200,000 euros ($211,000) and going up to 2 million euros, plans to expand the crypto scheme to Europe and other regions by the first quarter of next year. Intended to be where crypto is legally accepted.

Europe, the Middle East and Africa (EMEA) is Ferrari’s largest region, accounting for 46% of its total car deliveries in the first half of this year.

“The interest in the US and Europe is the same, we don’t see a lot of difference,” Galera said.

Among the countries where cryptocurrencies are banned is China.

Ferrari has turned to BitPay, one of the largest cryptocurrency payment processors in the US, for the initial phase, and will allow transactions in Bitcoin, Ether and USDC, the largest so-called stablecoins. is one of the. Ferrari may use other payment processors in different regions.

“Prices will not change, no fees, no surcharges if you pay with cryptocurrencies,” Galera said.

Bitpay will instantly convert cryptocurrency payments from Ferrari dealers into traditional currency, so they are protected from price fluctuations.

“That was one of our main goals: both our dealers and us, to handle cryptocurrencies directly and be protected from their wide fluctuations,” Galera said.

As a payment processor, BitPay will ensure that virtual currencies come from legitimate sources and are not derived from criminal activity or used to launder the proceeds of crime or evade taxes.

Ferrari’s marketing and commercial chief said the majority of its US dealers had already signed up to the scheme, or were about to agree to it.

“I’m sure others will join soon,” Galera said.


Faheem Rasool

Hey everyone! My name is Faheem Rasool belong to Jacobabad, Sindh, Pakistan. I’ve been working as a blogger for the last three years and I have experience in blogging.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button