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Homechevron_rightBusinesschevron_rightFerrari enters crypto...

Ferrari enters crypto space, accepts bitcoin, ether, and USDC for luxury car payments


Maranello: In a significant pro-crypto move, Italian luxury automaker Ferrari has decided to allow customers in the United States to purchase its high-end cars using digital assets such as Bitcoin, Ether, and USD Coin.

This groundbreaking decision by Ferrari is driven by market demands and dealer requests, as well as an aspiration to connect with a younger generation of buyers who are increasingly interested in digital investments.

Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, confirmed this development in an interview with Reuters. The prestigious automaker's foray into cryptocurrency payments signifies a compelling shift in the world of luxury cars.

Ferrari's crypto payment system will leverage BitPay, a platform that facilitates merchants in accepting crypto payments. BitPay will convert the received digital assets into fiat currencies for Ferrari dealers across the United States. The platform will employ advanced blockchain analytics to ensure that the crypto payments are not associated with illegal activities, such as theft, scams, or tax evasion.

Ferrari will not impose any additional fees on customers opting to use cryptocurrencies as a means of payment. This progressive step has garnered significant attention and enthusiasm from the global crypto community.

Although Ferrari has not specified whether all its car models will be available for purchase using cryptocurrencies, the move undoubtedly marks a major milestone in the luxury automobile industry.

Ferrari is not the first high-end automaker to embrace crypto payments. In early 2021, Tesla, led by Elon Musk, began accepting Bitcoin as a payment method for select products and services. Musk even contemplated enabling Dogecoin (DOGE) payments for Tesla electric vehicles. However, Tesla later suspended its Bitcoin payment option due to environmental concerns associated with Bitcoin mining.

The luxury brand has previously explored the world of cryptocurrencies. In 2021, the automaker partnered with blockchain firm Velas to engage with a new generation of fans and reward loyal customers with digital memorabilia. However, the collaboration ceased in January 2023, primarily due to the crypto market downturn and Ferrari's limited participation.

The new move echoes a growing trend in the world, with Indian auto company Mahindra and Mahindra also considering Bitcoin payments, as revealed by CEO Anand Mahindra in April 2023. Ferrari's decision to embrace cryptocurrencies for luxury car purchases represents a significant step forward, bridging the gap between the traditional luxury market and the increasingly influential crypto sphere.

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