Italian luxury sports car maker Ferrari has started accepting cryptocurrency as payment for vehicles in the United States, with plans to expand the offering to Europe amid rising demand from wealthy clients.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, said that the company made the move after requests from both young investors who built fortunes in crypto as well as more traditional clients looking to diversify their investment portfolios.
While the vast majority of major corporations have avoided crypto payments due to the volatility concern, Galliera said Ferrari’s clients in particular have heavily invested in the space.
The company will use crypto processor BitPay to allow transactions in Bitcoin, Ethereum, and USD Coin and convert them into fiat currencies to avoid direct exposure to price fluctuations. Crypto transactions will be made without any fees or surcharges.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” Galliera said.
Galliera did not disclose how many sales the company expects from crypto payments but noted that Ferrari’s order books are full well into 2025.
The Italian carmaker has faced criticism alongside other automakers for the high carbon emissions of its powerful gasoline vehicles. But Galliera said Ferrari remains committed to its target of achieving carbon neutrality across its value chain by 2030, aided by new software and increased use of renewable energy sources.
Ferrari plans to roll out crypto payment options in Europe within the first quarter of 2024. The company sees strong interest in both regions and will subsequently expand the offering to other markets where crypto is legal, including the Middle East and Africa.
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