Just in: Ferrari to accept crypto payments for car purchases

Luxury vehicle manufacturer Ferrari is venturing into the crypto world by allowing its United States customers to use digital coins to complete purchases. Reuters report reveals that individuals can use assets like Bitcoin, Ethereum, and USD Coin to transact with the firm.

Also, Ferrari will extend the new payment option to the European market following significant demand in the region.

Ferrari introduces crypto payments

Ferrari, a renowned luxury car manufacturer, is the latest firm to embrace digital assets. Cryptocurrency investors in the United States can use tokens such as Bitcoin, Ethereum, or stablecoin USCD to buy high-end vehicles from Ferrari.

Meanwhile, the decision follows requests from dealers and markets as most people join the crypto space. Ferrari Chief Marketing & Commercial Officer Enrico Galliera stated,

“Some are young investors who have built their fortunes around cryptocurrencies… Some others are more traditional investors who want to diversify their portfolios.”

Ferrari taps payment processor BitPay

Ferrari will start its digital assets payments services with BitPay, a leading crypto payment processor, for the first phase in the United States. Moreover, customers can transact using Bitcoin, Ethereum, and USD Coin. Galliera added that crypto payments will not have fees, fluctuating prices, or surcharges.

BitPay will convert digital coin payments into fiat for Ferrari dealers, alleviating the issue of wild price changes. Also, the platform will prevent illegal dealings by avoiding transactions from illegitimate sources, criminal activities, or people evading taxes.

Ferrari’s move to embrace digital assets comes as the crypto market battles bearishness, with Bitcoin remaining beneath $30K for most of 2023. However, the decision indicates the increasing trend among leading companies to ensure inclusive offerings for their clients.

Galliera confirmed that most of its dealers in the United States have signed up and are ready to accept the new scheme. Ferrari shipped over 1,800 vehicles to the Americas, including the US, in 2023 first half.