Ferrari has announced its willingness to use digital currencies as a means of payment for its own luxury cars. This feature is currently only available for US customers, but se plans to expand to customers in the European Union in the near future. Enrico Galliera, boss of Marketing and Commercial at Ferrari, confirmed the company’s intention to accept cryptocurrencies as a payment method.
To enable cryptocurrency payments in the United States, Ferrari established partnership with BitPay, a well-known cryptocurrency payment processor. Customers will be able to pay their cars with Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and stable currency USD Coin (USDC). BitPay will instantly convert these cryptocurrencies into traditional ones fiat currencies to protect traders from cryptocurrency price volatility. Ferrari prices cars start around 210,000 US dollars.
This is not the first time that luxury cars can be purchased using cryptocurrencies. It’s a Tesla was a pioneer in this field, enabling Bitcoin (BTC) payments for its cars in 2021. However, the company later discontinued this option due to environmental reasons, claiming that carbon emissions are not in line with its targets.
Although Galliera did not specify the exact number of cars that will be sold through crypto payments, he noted that Ferrari has a lot of orders until 2025. Ferrari plans to test crypto payment market to attract potential customers beyond its traditional clientele. It is planned to introduce cryptocurrency payments in Europe by the first quarter of 2024. year, and then expand to other regions.
It is important to note that there will be no additional fees or charges when using this option payments because BitPay will instantly convert crypto payments into traditional fiat currencies in order to ensured stability from cryptocurrency price fluctuations.