Italian car manufacturer Ferrari accepts crypto payments for luxury cars in the US
Ferrari plans to expand crypto payments to Europe by the first quarter of 2024, with plans to further expand to other regions where it is legal
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In response to demands from the market and dealers in the United States, the Italian car manufacturer Ferrari has started accepting crypto payments for its luxury sports cars. The company is initially accepting payments in popular crypto, like Bitcoin (BTC), Ether (ETH), and the stablecoin USDC.
The car manufacturer has partnered with BitPay, a leading crypto payment processor, to facilitate this. BitPay is responsible for verifying the legitimacy of digital currencies and converting them into fiat currency to shield Ferrari’s dealers from price fluctuations of the crypto market.
“This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,†said Enrico Galliera, Ferrari’s chief marketing and commercial officer.
Most US dealers have already agreed to this scheme of crypto payments by Ferrari or are about to agree. “I am confident others will join soon,†Galliera said.
The carmaker plans to expand its crypto payment acceptance to Europe by the first quarter of 2024. After that, the company may offer the crypto payment option in other regions where crypto is legally accepted. The company might, however, use different payment processors in different regions.
