Ferrari Welcomes Crypto: US Customers Can Now Make Payments in Cryptocurrency

Ferrari, the renowned luxury sports car manufacturer, is set to embrace the world of cryptocurrency by allowing customers in the United States to make payments using digital assets. This decision comes in response to the growing demand from clients, including a significant number of young investors well-versed in the realm of cryptocurrencies.

Enrico Galliera, Ferrari’s chief marketing and commercial officer, confirmed the company’s plans, citing the influence of market demand and requests from dealers as the driving factors behind this strategic move. Although specific figures were not disclosed, Galliera revealed that Ferrari’s robust order portfolio is already booked until 2025, indicating the brand’s enduring popularity. By accepting cryptocurrency payments, Ferrari aims to tap into a broader customer base, reaching out to potential buyers beyond their traditional clientele.

In this endeavor, Ferrari has teamed up with BitPay, a leading cryptocurrency payment processor, for its U.S. operations. Through this collaboration, customers can use Bitcoin, Ether, and USDC to make purchases, offering a seamless transaction experience for crypto enthusiasts. Importantly, Ferrari has assured its customers that no additional fees or surcharges will be applied when using cryptocurrency. BitPay will swiftly convert the digital payments into conventional fiat currency, shielding dealers from the inherent volatility of cryptocurrency prices.

To maintain the integrity of these transactions, BitPay will diligently verify the legitimacy of the digital currency, ensuring it does not stem from illicit activities, money laundering, or tax evasion. Ferrari’s bold move into the crypto space stands in contrast to some other major corporations, like Tesla, which initially embraced Bitcoin payments but later suspended the option due to environmental concerns raised by CEO Elon Musk.

Looking ahead, Ferrari plans to extend its cryptocurrency payment services to Europe by the first quarter of 2024 and explore opportunities in other crypto-friendly regions. This expansion signifies the brand’s commitment to embracing innovative financial technologies, aiming to create a more inclusive and diverse customer experience in the ever-evolving digital landscape.

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