Ferrari, the luxury car manufacturer, has embraced the world of cryptocurrency by allowing customers in the United States to use digital assets as a payment method for their high-end vehicles. This move comes as Ferrari seeks to cater to a new clientele that has amassed wealth in the cryptocurrency industry.
According to reports from Reuters, Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, revealed that customers in the US have shown interest in using cryptocurrency to make their purchases. As a result, Ferrari has started accepting payments in Bitcoin (BTC), Ethereum (ETH), and the stablecoin USDC. The luxury automaker is also considering collaborating with additional payment providers to extend this payment option to other regions.
Notably, the prices of Ferrari vehicles will remain unchanged for customers who choose to pay with cryptocurrency. This means that there will be no additional fees or surcharges associated with crypto payments.
To facilitate these cryptocurrency transactions in the United States, Ferrari has partnered with BitPay, a prominent crypto payments company. The car manufacturer also has plans to expand this initiative to Europe in the coming year. While the program is set to expand to other regions, specific details and a timeline for these rollouts have not been disclosed.
Enrico Galliera emphasized that accepting cryptocurrency payments is a way for Ferrari to connect with a broader audience, stating, “This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”
Traditionally, auto manufacturers have been hesitant to embrace cryptocurrency payments due to concerns about the asset’s environmental impact, often referred to as a carbon footprint. However, Ferrari believes that changes in the code, particularly Ethereum’s transition to a proof-of-stake mechanism last year, have alleviated this concern.
Additionally, the inherent volatility of cryptocurrencies has deterred some companies from accepting them as a payment method. To mitigate this issue, BitPay will convert cryptocurrency payments into fiat currency instantly on behalf of Ferrari’s dealers, providing a hedge against the wide price fluctuations commonly associated with the crypto market.
Enrico Galliera expressed the importance of this feature, stating, “This was one of our main goals – avoiding both our dealers and us directly handling cryptocurrencies and being shielded from their wide fluctuations.”