Ferrari to Accept Crypto Payments in the United States

  • October 26, 2023
  • Jennifer Moore
Ferrari to Accept Crypto Payments in the United States

Ferrari (RACE.MI) has begun accepting cryptocurrency payments for its high-end sports cars in the United States. According to the company’s marketing and commercial head, it plans to expand the program to Europe in response to requests from its affluent customers.

High Volatile Nature of Crypto Refrains Major Companies to Accept it as a Payment

Most blue-chip companies refrain from adopting  crypto due to the fluctuations in the value of Bitcoin and other tokens. This makes them unsuitable for commercial use. Additionally, uneven regulations and excessive energy consumption hinder the widespread utilization of cryptocurrency as a payment method.

In 2021, electric carmaker Tesla started accepting payments in Bitcoin. However, CEO Elon Musk later suspended the program due to environmental concerns.

‘Carbon Neutrality by 2030’ Ferrari Aims!

Ferrari’s marketing, and commercial officer, Enrico Galliera interviews with a popular news agency. He states that cryptocurrencies launch new software and a large use of renewable sources to reduce carbon footprints. 

He further states that Ferrari’s primary target is to reach carbon neutrality by 2030. This is confirmed along with Ferrari’s whole value chain. Since many of Ferrari’s clients use crypto, the decision was made in response to its increasing demand. While some of them are young investors, whose success surrounds crypto investments. Others are traditional investors, planning to diversify their portfolios. 

Ferrari’s Portfolio is Booked Up till 2025

During the first six months of this year, Ferrari delivered over 1,800 cars to its Americas region, which includes the U.S. While the company’s marketing and commercial officer, Enrico Galliera, did not disclose how many cars Ferrari hopes to sell via cryptocurrency. He mentioned that the company’s order portfolio is strong and booked up until 2025. However, Ferrari intends to explore this expanding universe and test the waters. This step might attract people who are not a client but might afford to buy a Ferrari. 

Ferrari, an Italian company sold 13,200 luxury sports cars in 2022. Here the prices range from over 200,000 euros ($211,000) to 2 million euros. Thereafter, intends to expand its cryptocurrency program to Europe in the first quarter of 2024. The company further plans to extend the program to other regions where legal adoption of crypto is possible.

Ferrari’s largest regions fall under Africa, the Middle East, and Europe. In the first two quarters of the year, it consists of 46% of the car shipments. Galleria further states, that there is not much difference between the interests in Europe and the USA. 

Ferrari Opts for BitPay, the Biggest Payment Processor

To facilitate cryptocurrency payments for its high-end sports cars in the United States, Ferrari has partnered with BitPay, one of the largest cryptocurrency payment processors. Initially, the program will allow transactions in Bitcoin, ether, and USDC. It is one of the most popular stablecoins. Ferrari may opt for other payment processors in different regions.

Galleria states that the prices do not change when you pay through cryptocurrencies. There are no extra surcharges or fees. To safeguard Ferrari’s dealers from the volatility of cryptocurrency prices, Bitpay will promptly convert cryptocurrency payments into traditional currency on their behalf. Moreover, this is Ferrari’s primary aim to safeguard both themselves and the dealers from the volatile nature of the cryptocurrencies. 

Also Read- Impact of Israel-Hamas Conflict on Cryptocurrencies

Final Words

Ferrari’s decision to accept cryptocurrency payments for its high-end sports cars marks a significant step towards the mainstream adoption of digital currencies in the luxury goods industry. Although several blue-chip companies are still hesitant to adopt crypto due to its volatile nature, Ferrari’s move may encourage others to follow suit. 

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