In a groundbreaking move, Ferrari, the iconic Italian automaker, has announced its decision to accept payments in the form of cryptocurrencies for its luxury cars. Starting in the United States, Ferrari will allow customers to make payments using Bitcoin, Ether, and USD Coin. The move comes as a response to market demands and dealer requests, reflecting the changing landscape of payments and investments.
The acceptance of cryptocurrencies is not merely a financial decision but a strategic move to engage with a younger generation of buyers who are increasingly exploring digital assets and investments in the crypto space. It represents Ferrari’s commitment to staying at the forefront of luxury and innovation.
Enrico Galliera, the chief marketing and commercial officer of Ferrari, confirmed the development during an interview with Reuters. BitPay, a trusted platform that enables merchants to accept crypto payments, has been chosen as the payment gateway for Ferrari. BitPay will convert crypto payments into fiat currencies, facilitating transactions for Ferrari dealers in the US.
One notable aspect of this adoption is Ferrari’s commitment to ensuring the legitimacy of crypto payments. BitPay will employ comprehensive measures to analyze the received cryptocurrencies to detect any links to illicit activities such as theft, scams, or tax evasion. This approach ensures the integrity of the transactions and safeguards Ferrari’s interests.
Importantly, Ferrari does not intend to impose any additional charges on customers opting to pay with cryptocurrencies. The company’s pro-crypto stance has garnered significant attention and enthusiasm from the global crypto community.
While it remains unspecified whether all Ferrari models will be available for purchase via cryptocurrencies, this move highlights the brand’s innovative approach to the evolving world of payments.
Ferrari’s venture into the realm of cryptocurrencies follows in the footsteps of Tesla, Elon Musk’s electric vehicle company. In early 2021, Tesla announced that it would accept Bitcoin payments for select products and services. However, the company later discontinued Bitcoin payments due to environmental concerns related to Bitcoin mining.
It is worth noting that Ferrari has previously shown interest in crypto assets. In 2021, the company partnered with blockchain firm Velas with the aim of engaging with new-age fans and rewarding loyal customers with digital souvenirs. Nevertheless, this partnership fell through in January 2023, primarily due to a lack of participation from Ferrari and the crypto challenges faced by Velas.
The move by Ferrari to accept cryptocurrency payments aligns with the broader shift towards digital currencies and assets in the luxury market. In India, Mahindra and Mahindra’s CEO, Anand Mahindra, also revealed considerations for Bitcoin payments in the near future, indicating the growing influence of cryptocurrencies across industries.