Luxury sports car giant Ferrari has announced that it will begin accepting cryptocurrency payments in the United States, signaling a notable shift in the carmaker’s transaction methods. The Maranello, Italy-based company is catering to a growing demand from its affluent clientele, many of whom have amassed considerable wealth in the booming cryptocurrency market.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, highlighted in a Reuters interview that their decision stems from the diverse financial profiles of their customers. While some are young investors who have capitalized on the crypto wave, others are traditional investors looking to diversify their holdings.
To facilitate this new payment option, Ferrari has partnered with BitPay, a cryptocurrency payments provider. Customers will be able to purchase the iconic cars using Bitcoin (BTC), Ethereum (ETH), and the stablecoin USD Coin (USDC) during the initial phase of the rollout in the U.S. However, Ferrari emphasized that it, along with its dealers, would not directly handle cryptocurrencies. All crypto payments will be converted into traditional currency, ensuring that the company and its dealers are insulated from the volatility inherent in crypto markets. Additionally, measures will be in place to verify the sources of the cryptocurrencies used for payments.
The adoption of cryptocurrency as a payment medium by major corporations remains a relatively rare occurrence, underscoring Ferrari’s progressive move. Notably, Tesla had briefly accepted Bitcoin payments in early 2021 but discontinued the option due to concerns about the environmental impact of Bitcoin mining.
Ferrari’s decision to accept crypto payments is indicative of a broader trend of luxury brands adapting to the financial preferences of a new generation of wealthy clients. Following the U.S. rollout, Ferrari plans to expand this payment option to Europe, further bridging the gap between traditional luxury retail and the digital currency space.