Ferrari starts accepting crypto payments for luxury sports cars

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Ferrari has reportedly started accepting cryptocurrency payments. The Italian manufacturer of luxury sports vehicles cited market and dealer demands as the main motivation for this decision. “This will help us connect with people who are not necessarily our customers, but who can buy a Ferrari,” said a company executive.

Ferrari begins accepting cryptocurrencies

Italian luxury sports car maker Ferrari has started accepting cryptocurrency payments for its luxury sports cars in the US, Reuters reported on Saturday, noting that the company also plans to expand the cryptocurrency payment option to Europe.

Ferrari’s commercial and marketing director, Enrico Galliera, told the outlet that the decision to accept crypto payments was in response to market and dealer requests, as many of its customers are crypto investors. “Some are young investors who have built their fortunes around cryptocurrencies. Others are more traditional investors, who want to diversify their portfolios,” he described, emphasizing:

   This will help us connect with people who are not necessarily our customers, but who can afford a Ferrari.

The Italian automaker is using Bitpay, a leading cryptocurrency payment processor, to accept cryptocurrency payments in the US. Initially, Ferrari will only allow transactions in Bitcoin (BTC), Ether (ETH), and the USDC stablecoin.

Noting that the company may use different crypto payment processors in other regions, Galliera clarified:

   Prices will not change, nor will fees or surcharges if you pay using cryptocurrencies.

Ferrari plans to expand its crypto payment acceptance to Europe by the first quarter of next year, the publication reported, adding that the company will then offer the crypto payment option in other regions where cryptocurrencies are legally accepted. The luxury sports car maker’s largest region is Europe, Middle East and Africa (EMEA), which accounted for 46% of its total car shipments in the first half of this year. “The interest is the same in the United States and Europe, we don’t see big differences,” shares Galliera.

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