Ferrari Opens Up to Cryptocurrency Transactions in the US

Driven by increasing demand and dealer requests, Ferrari has decided to incorporate cryptocurrencies as a payment method, acknowledging the rising interest of its clientele in digital currencies.

Responding to the burgeoning interest in the world of cryptocurrencies, Ferrari has chosen to accept digital currencies as a payment method for its high-end vehicles in the United States. Furthermore, there are plans underway to introduce this payment option in the European market.

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In a recent interview with Reuters, Ferrari’s head of sales and marketing, Enrico Galliera, shared the company’s perspective on cryptocurrency adoption. Ferrari’s choice to embrace cryptocurrency payments is rooted in the growing market demand and dealer requests, many of whom cater to a young, tech-savvy clientele that has invested in the digital space.

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While Galliera did not provide exact figures on Ferrari’s sales expectations via cryptocurrencies, he highlighted that the company already has a backlog of orders stretching out to 2025. Aiming to attract a new generation of buyers, Ferrari is keen to explore this emerging market. The cryptocurrency payment option is expected to be introduced in Europe by early 2024, followed by other markets with a positive stance on cryptocurrencies.

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For its US debut, Ferrari has forged a partnership with BitPay, one of the leading cryptocurrency payment processors. This partnership will facilitate transactions in Bitcoin. Galliera assured that no additional charges would be applied when using cryptocurrencies, as BitPay will handle converting the digital currencies to traditional currency for Ferrari dealers, shielding them from potential fluctuations in cryptocurrency value.

Additionally, BitPay will ensure the authenticity of the cryptocurrencies, ensuring they don’t stem from suspicious or illegal activities.

Despite the growing interest, some major corporations have been cautious about adopting cryptocurrencies due to their volatility and the complexities associated with transactions. A notable example is Tesla, which initially accepted Bitcoin as a payment method in 2021 but later revoked this option due to environmental concerns.