Individuals holding a substantial stash of cryptocurrency can now leverage their digital assets to acquire a Ferrari in the United States. As per reports from Reuters, the esteemed luxury automaker has joined forces with the cryptocurrency payment processor BitPay, thereby facilitating the acceptance of Bitcoin, Ether, and USDC for purchases made within the United States.
This move was reportedly a response to fervent requests from customers. In the near future, Europe is anticipated to undergo a similar transformation, expected to materialize early in 2024, with the possibility of extending this service to other regions.
Notably, customers opting to settle their payments with cryptocurrency will not face any additional charges. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, emphasized this in an interview with Reuters. BitPay, on the other hand, will undertake the responsibility of converting these cryptocurrency payments into conventional fiat currencies at the time of the transaction, effectively mitigating concerns related to the volatility of digital assets.
Ferrari to accept crypto as payment for its cars in the U.S.
Galliera elucidated that this strategic move aims to expand Ferrari’s customer base, reaching out to individuals who may not typically fall under the category of their conventional clientele but possess the financial means to own a Ferrari.
It is noteworthy that Ferrari had made a commitment to enhance its sustainability initiatives in the preceding year, including efforts to reduce its environmental impact. Embracing cryptocurrencies, which are notorious for their energy-intensive nature, might appear to be at odds with these sustainability goals. However, Ferrari contends that this venture does not undermine its overarching mission.
Galliera pointed out recent strides in improving the carbon footprint of cryptocurrencies, such as a greater reliance on renewable energy sources. He assured Reuters that company remains steadfast in its objective to achieve carbon neutrality across its entire value chain by the year 2030.