Ferrari will accept cryptocurrency payments in the US
The car manufacturer announced that luxury sports models can be purchased with cryptocurrencies
Iconic luxury car manufacturer Ferrari announced its decision to accept cryptocurrency payments in the United States, responding to growing demand from its customers. The company’s commercial and marketing director, Enrico Galliera, confirmed this measure in a Reuters report dated October 14.
This decision is based on growing market demand and requests from Ferrari dealers, supported by numerous customers, including young investors with cryptocurrency experience who have bet on digital currencies.
Although Galliera did not provide details on the number of cars they hope to sell through cryptocurrency payments, he noted that Ferrari’s order book is already fully booked until 2025. With this measure, Ferrari seeks to explore a growing market and reach potential buyers beyond their traditional clientele. The introduction of cryptocurrency payments in Europe is scheduled for the first quarter of 2024, with plans to expand to other crypto-friendly regions.
For its initial foray into the United States, Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors. This collaboration allows transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC). Importantly, there will be no additional charges when using cryptocurrencies, as BitPay will perform quick conversions to conventional fiat currency for Ferrari dealers, protecting them from cryptocurrency price fluctuations.
In addition, BitPay will be responsible for verifying the legitimacy of digital currencies to ensure that they do not come from illicit activities, money laundering or tax evasion.
Ferrari’s adoption of cryptocurrencies follows that of other large companies, although many have been cautious due to price volatility and the complexity of associated transactions. Notably, electric vehicle maker Tesla initially accepted payments in Bitcoin in 2021, but CEO Elon Musk discontinued this option due to environmental concerns.
K. Tovar
Source: Cointelegraph
(Reference image source: Brandon Atchison, Unsplash)
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