Ferrari Accelerates Into Crypto, Now Accepting Payments in U.S.

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The logo of Ferrari was seen at the Auto e Moto D’Epoca 2022 Fair in Padova, Italy, on Oct. 20, 2022. Manuel Romano | Nurphoto | Getty Images

Ferrari has started to accept payments in cryptocurrency for its luxury sports cars in the U.S., and will soon extend the scheme to Europe in response to requests from its wealthy customers, according to its marketing and commercial chief Enrico Galliera.

These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it due to environmental concerns. Crypto currencies have since made efforts to reduce their carbon footprint by introducing new software and a larger use of renewable sources.

Galliera said that the decision came in response to requests from the market and dealers, as many of its clients have invested in crypto. “Some are young investors who have built their fortunes around cryptocurrencies, some others are more traditional investors, who want to diversify their portfolios,” he said.

While some cryptocurrencies, such as the second-largest, ether, have improved their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining.

Ferrari shipped more than 1,800 cars to the Americas region, which includes the U.S., in the first half of this year. Galliera did not say how many cars Ferrari expected to sell through crypto, but said that the company’s order portfolio was strong and fully booked well into 2025, adding that the company wanted to test this expanding universe.

The Italian company, which sold 13,200 cars in 2022, with prices starting at over 200,000 euros ($211,000) and going up to 2 million euros, plans to extend the crypto scheme to Europe by the first quarter of next year. Ferrari will use BitPay, one of the biggest cryptocurrency payment processors, for the initial phase in the U.S., and will allow transactions in bitcoin, ether and USDC, one of the largest so-called stablecoins. Ferrari might use other payment processors in different regions.

Ferrari stated that prices will not change, and that no fees or surcharges will be applied if payments are made through cryptocurrencies. Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, so they are protected from price swings.

Galliera added that the majority of its U.S. dealers have already signed up, or are about to agree, to the scheme. “I am confident others will join soon,” he said. Countries where cryptocurrencies are restricted include China.

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