Ferrari Begins Accepting Cryptocurrency As Payment For Its Cars In The US
Nearly 18 months after a US Based Porsche Dealer began accepting crypto for car payments, one of its rivals has taken a similar step. It's the Italian luxury carmaker Ferrari.
Nearly 18 months after a US Based Porsche Dealer began accepting crypto for car payments, one of its rivals has taken a similar step. It's the Italian luxury carmaker Ferrari.
What Has Ferrari Announced?
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Ferrari has announced that it has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief has said, as per Reuters.
Also Read: Gucci Becomes First Major Brand To Adopt 'ApeCoin' Crypto
Why Is Ferrari Accepting Crypto Payments?
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Ferrari's Chief Marketing and Commercial Officer Enrico Galliera said that cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.
"Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed," he said in an interview. Ferrari said the decision to accept crypto came in response to requests from the market and dealers as many of its clients have invested in crypto.
"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."
How Many Cars Does Ferrari Ship To The US?
Ferrari shipped more than 1,800 cars to its American region, which includes the U.S., in the first half of this year, as per Reuters report. Galliera did not say how many cars Ferrari expected to sell through crypto. He said the company's order portfolio was strong and fully booked well into 2025, but the company wanted to test this expanding universe.
"This will help us connect to people who are not necessarily our clients but might afford a Ferrari," he said. The Italian luxury carmaker, which sold 13,200 cars in 2022, with prices starting at over 200,000 euros ($211,000) and going up to 2 million euros, plans to extend the crypto scheme to Europe by the first quarter of next year and then to other regions where crypto is legally accepted.
Also Read: The Story Of One Of India's First Crypto Billionaires Jaynti Kanani
What All Cryptocurrencies Are Being Accepted By Ferrari?
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Ferrari has turned to one of the biggest cryptocurrency payment processors, BitPay, for the initial phase in the U.S., and will allow transactions in bitcoin, ether and USDC, one of the largest so-called stablecoins. Ferrari might use other payment processors in different regions.
"Prices will not change, no fees, no surcharges if you pay through cryptocurrencies," Ferrari's Galliera said, as per Reuters report.
Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari's dealers, so they are protected from price swings. "This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations," Galliera said.
Also Read: When Tata Motors Came Out With A Nano Car Worth Rs 22 Crore
When Did Ferrari's Rival Porsche Begin Accepting Crypto?
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In April 2022, BitPay had announced that Porsche Towson, a US-based Porsche dealer, has started accepting crypto payments for their cars. Cryptocurrencies such as Bitcoin, Ethereum, Shiba Inu etc. can be used for buying Porsche cars from the dealer.
Turn your #crypto into precious metal at Porsche Towson. Now accepting Crypto as payment for vehicle purchases. Learn more: https://t.co/g5eD13Y7tS#Porsche #crypto #bitcoin #doge #shib pic.twitter.com/Yj3yO3iIyK
¡ª BitPay (@BitPay) April 19, 2022
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