Ferrari has begun to accept cryptocurrency for purchases of its cars in the US. Image source: Carlos Valenzuela via Wikimedia
Ferrari has begun accepting payment in cryptocurrency for its luxury sports cars in the US, with plans to extend crypto access to Europe as well.
Ferrari’s Chief Marketing and Commercial officer Enrico Galliera told Reuters that the policy change comes following requests from its wealthy customers.
Galliera said that the change also comes in the wake of cryptocurrencies making efforts to reduce their carbon footprint through improved software and a larger use of renewable energy.
“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed”, says Galliera.
During the ‘Merge’ event on the Ethereum blockchain last year, Ethereum reduced its power consumption by 99.95 percent.
Environmental concerns and price volatility are some of the biggest concerns that companies have regarding the acceptance of cryptocurrency payments.
Electric carmaker Tesla briefly began accepting crypto payments, however Elon Musk ceased the policy citing environmental concerns.
The decision has come in the wake of requests from the market and dealers, as many Ferrari clients have crypto investments.
“Some are young investors who have built their fortunes around cryptocurrencies,” said Galliera. “Some others are more traditional investors, who want to diversify their portfolios.”
The company has not provided estimates of how many of its cars it expects will be purchased with crypto.
It has shipped over 1,800 cars to the Americas in the first half of this year.
Galliera noted that Ferrari has a strong order portfolio, and was fully booked even into 2025, but was aiming to test the expanding crypto market.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”
For the initial US phase of the plan, Ferrari will utilise Bitpay, one of the largest crypto payment processors, to allow transaction in bitcoin, ether and USD Coin (a stablecoin pegged to the value of the US dollar).
Bitpay will immediately convert crypto payments into fiat currency (legal tender) on behalf of Ferrari.
Galliera assured that payments in cryptocurrency would not incur additional costs.
“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.”
