Ferrari begins accepting cryptocurrencies for its luxury vehicles in the US – and plans to expand into Europe – through BitPay.
- Ferrari has started to accept cryptocurrency payments for its luxury sports cars in the United States
- The company plans to extend cryptocurrency payments to Europe in the first quarter of next year
- Ferrari will collaborate with BitPay
- The adoption of cryptocurrencies fits into Ferrari’s commitment to achieving carbon neutrality by 2030, says Ferrari’s Commercial Director
Ferrari, the renowned Italian automotive company, has announced that it has started to accept cryptocurrency as a form of payment for its luxury cars in the United States. This decision has been influenced by customers’ growing appetite for digital currency and marks an important milestone in diversifying the current transaction methods.
Maranello’s car manufacturer has also announced that it plans to extend the acceptance of cryptocurrency payments to the European market in the first quarter of next year.
Connection with BitPay
To facilitate the process, Ferrari has decided to collaborate with BitPay, a cryptocurrency payment processors. BitPay will enable transactions in bitcoin, ether, and USDC, but, as the press release suggests, will only allow its use after verification of the origin of the funds through on-chain analysis.
Enrico Galliera, Ferrari’s Marketing and Commercial Director, stated that the company’s commitment to achieving carbon neutrality by 2030 is confirmed. The adoption of cryptocurrencies is part of this commitment according to Galliera himself, who told Reuters: “Cryptocurrencies are committed to reducing their carbon footprint through the introduction of new software and increased use of renewable sources“.
Challenges and opportunities
In countries like China, where cryptocurrencies are subject to restrictions, Ferrari’s new payment options could encounter difficulties. However, Ferrari is optimistic about the future and hopes that its new payment options will appeal to a wider audience of potential buyers, including young investors with wealth accumulated in cryptocurrencies and traditional investors looking for diversification.
The decision follows Honda’s recent announcement to accept cryptocurrencies, following a path that could mark the beginning of a new trend among large companies, offering new opportunities for growth and development for the cryptocurrency sector.
