Italian sports carmaker accepts several cryptocurrencies as a method of payment. In the first phase, the convenience is accessible exclusively in the US, but Europe is scheduled to follow at the beginning of next year.
American customers have a choice between Bitcoin, Ether, and USDC. The latter is directly linked to the value of the dollar. Many companies have met cryptocurrencies with caution and reluctance because of their volatility and energy usage.
However, the crypto transactions for Ferrari are immediately converted into traditional money with help from intermediary Bitpay to prevent dealers from ending up on a financial rollercoaster.
Bitpay must also verify the origins of the money, as cryptocurrencies are a preferred payment for members of criminal organizations. Ferrari must ensure that its car purchases aren’t used for money laundering or tax evasion.
New race of crypto-riches
By allowing digital currency, Ferrari believes it can tap into a new customer pool. Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera said: “In many cases, young investors made their fortunes through cryptocurrencies. In this way, we can establish a bond with them.” However, many existing customers are also in favor, as they try to diversify their portfolio and adopt the new currencies. Ferrari said that dealers and customers approached it, asking to broaden the scope of its payment methods.
The first automaker to accept cryptocurrencies was Tesla, opening up on such transactions in 2021. However, Elon Musk later pulled the plug on it because it was too impactful on the environment. Galliera answered that the sector had started reducing its carbon footprint by introducing new software and using more renewable sources. “Our target to reach for carbon neutrality by 2030 along our whole value chain is confirmed,” he added.
The significance of the share of crypto-traded Ferraris hasn’t been confirmed. Into 2025, the order book of the brand from Maranello is filled. Ferrari is in a position to bestow its own payment methods to its customer base but admits this is an experiment to see how popular it is.
Galliera added that interest in cryptocurrencies in Europe is as significant as in the US. However, in a country like China, it is forbidden. Ferraris bought with crypto come at the same price, with no extra surcharge. Most American dealers have already agreed.