Technology

Ferrari Makes Bold Move to Accept Crypto Payments for Luxury Cars

In a bold move, the renowned Italian automaker Ferrari has announced that it will start accepting payments in Bitcoin, Ether, and USD Coin for its luxury cars in the United States. This decision comes in response to market demands and dealer requests, indicating Ferrari’s willingness to engage with the evolving landscape of digital assets. By allowing crypto payments, the brand aims to attract a younger generation of buyers who are increasingly interested in cryptocurrency investments. The company is also exploring the possibility of extending crypto payment acceptance to Europe in the near future.

Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, confirmed this development in an interview with Reuters over the weekend.

To facilitate these crypto transactions, Ferrari has partnered with BitPay, an application that enables merchants to accept crypto payments. BitPay will serve as the payment gateway, converting crypto payments into fiat currencies for Ferrari dealers in the United States. The platform will also conduct analyses to identify any crypto payments that may be associated with illicit activities, such as theft, scams, or tax evasion.

Importantly, Ferrari has expressed its intention not to impose any additional charges on customers who choose to purchase their cars using cryptocurrencies.

While the automaker has not specified whether all Ferrari models will be available for purchase with crypto, this move marks a significant shift in the luxury car industry.

Ferrari is not the first high-end car manufacturer to explore crypto payments. In early 2021, Tesla, led by Elon Musk, briefly accepted Bitcoin payments for select products and services. Musk had even hinted at considering Dogecoin payments for Tesla vehicles. However, Tesla discontinued its Bitcoin payment option due to environmental concerns associated with Bitcoin mining.

Notably, Ferrari has previously dabbled in the world of crypto assets. In 2021, the automaker partnered with the blockchain firm Velas to engage with new-age fans and reward loyal customers with digital souvenirs. However, the partnership was discontinued in January of this year, partly due to a lack of participation from Ferrari and the crypto industry’s challenges faced by Velas at the time.

In India, Mahindra and Mahindra has also expressed interest in exploring Bitcoin payments, as CEO Anand Mahindra revealed in April 2023. It’s evident that the automotive industry is gradually embracing the world of cryptocurrencies, potentially reshaping the way high-end vehicles are purchased and paving the way for broader adoption of digital assets in everyday transactions.

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