Ferrari Is Accepting Cryptocurrency Payment: Why, How And When?

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Ferrari Is Accepting Cryptocurrency Payment: Why, How And When?

Ferrari in a recent announcement confirms that it will begin accepting cryptocurrency as a form of payment in the United States. Notably, the luxury brand plans to extend this initiative to Europe in response to growing demand from its customers. 

This bold step makes Ferrari one of the few companies to venture into cryptocurrency payment options. In an extensive interview, Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, shares insights on the company’s decision and vision.

Why Ferrari Is Accepting Cryptocurrency

Of course, this decision to accept cryptocurrency payments initiates from the changing sentiment in the luxury market. There’s a notable increasing interest and investment in cryptocurrency and Ferrari recognizes the importance of meeting the evolving needs of its customers. 

Galliera explains, “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.” 

Furthermore, this only reflects Ferrari’s commitment to staying connected with both its existing customer base and also potential new buyers. Of course, this new development will definitely bring in the pro-crypto guys into the scene as they will want to test out the new buying option.

Recall, Tesla, another popular automaker, tested cryptocurrency payments before CEO Elon Musk suspended the move. 

This is due to energy usage issues, which in a recent report by Bloomberg, confirms that Bitcoin has hit that threshold by Elon. 

However, Ferrari is addressing this concern by working on reducing its carbon footprint, aiming for carbon neutrality by 2030. 

According to Galliera, “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.”

How Ferrari Is Accepting Cryptocurrency

To facilitate cryptocurrency transactions, Ferrari will be entering into a partnership with BitPay, a leading cryptocurrency payment processor. In the initial phase, payments will be accepted in Bitcoin, Ether, and USDC, a stablecoin. The choice of bitPay is not strange as it’s currently the leading cryptocurrency payment processor.

Furthermore, this partnership will ensure a seamless and secure process for both the company and its customers. 

Galliera further emphasizes, Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.” 

Additionally, BitPay will be in charge of converting cryptocurrency payments into traditional currency for Ferrari’s customers. Importantly, BitPay will also verify the legitimacy of the cryptocurrency sources to prevent any association with criminal activity, money laundering, or tax evasion. 

When Will The Transition Kick Off

Infact, Ferrari has already started accepting cryptocurrency payments in the United States, with further plans to extend this payment option to Europe. This is set to happen by the first quarter of the upcoming year. It’s important to mention that Europe, the Middle East, and Africa (EMEA) represent Ferrari’s largest region. Which of course, accounts for 46% of its total car shipments in the first half of this year.

Galliera further states that demand for cryptocurrency payments is growing and is now consistent across the United States and Europe.

Bonus Tip: Luxury Brands Adapting to Change

Lastly, Ferrari’s decision to adopt cryptocurrency payments options shows how the company is adapting to customer taste and preference. Which is serving as an example to other top luxury brands around the world. It’s possible to see further adoption from other luxury brand as this move from Ferrari will create competition among the space and drive for attention from global customers. 

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