Ferrari, the luxury sports car manufacturer, has announced its move to accept cryptocurrency as a payment method for its vehicles in the U.S. This decision comes in response to a surge in demand from customers, including the new generation of crypto enthusiasts.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed the company’s intentions recently. A key driver behind this move is the growing interest from young investors who are heavily vested in the digital currency realm. While Galliera refrained from disclosing exact sales expectations through this new payment channel, he highlighted Ferrari’s robust order book, already full till 2025.
The Italian carmaker’s vision doesn’t end at the U.S. shores. They plan to roll out crypto payments in Europe by early 2024 and are looking to venture into other regions receptive to cryptocurrencies thereafter.
To facilitate this payment transition in the U.S., Ferrari has teamed up with BitPay, a prominent cryptocurrency payment processor. This partnership will cater to transactions through Bitcoin, Ether, and USD Coin. Galliera reassured customers that they wouldn’t face extra charges when transacting with crypto. BitPay will immediately convert these to traditional fiat, protecting Ferrari’s dealers from the volatile nature of cryptocurrencies. Additionally, the processor will rigorously verify the source of the digital funds, ensuring they aren’t linked to illegal activities.
This adoption of cryptocurrencies by Ferrari marks a significant step in the luxury car industry, especially when giants like Tesla have shown apprehension. Tesla had briefly embraced Bitcoin payments in 2021 but soon after halted the service, citing environmental reasons.
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