In a groundbreaking move, Ferrari, the epitome of luxury in the automotive world, has taken a giant leap into the future by embracing cryptocurrency payments in the United States. What’s even more fascinating is their plan to extend this crypto-friendly approach to Europe, contingent on the demand from their affluent clientele.
The decision to integrate crypto payments stems from market requests and feedback from car dealers, particularly those dealing with clients deeply entrenched in the world of cryptocurrency. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, shed light on this, stating, “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios.”
Beyond the financial realm, Ferrari acknowledges the environmental concerns associated with cryptocurrencies. Galliera highlighted the commendable efforts made by various crypto projects and miners to reduce their carbon footprints. This aligns seamlessly with Ferrari’s ambitious goal of achieving carbon neutrality across its entire value chain by 2030.
To facilitate this groundbreaking move, Ferrari has joined forces with BitPay, a Bitcoin payment services provider based in Atlanta. However, the initial phase will see Ferrari exclusively accepting bitcoin, Ethereum, and USD Coin (USDC). The collaboration ensures that cryptocurrency payments are seamlessly converted into their fiat equivalents through BitPay’s system, shielding both Ferrari dealers and the company itself from potential volatility.
Galliera emphasized, “Prices will not change, no fees, no surcharges if you pay through cryptocurrencies. This was one of our main goals: avoiding both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations.”
BitPay is not just handling the financial aspect; it also takes on the crucial role of performing due diligence on potential customers. This ensures that the crypto used to purchase a Ferrari is legitimate and doesn’t stem from any illicit activities or money laundering.
As Ferrari races into this crypto-powered era, it not only sets a precedent in the luxury automotive sector but also aligns itself with the forward-thinking ethos of the evolving crypto landscape. This move not only caters to the desires of their existing clientele but also positions Ferrari as a trendsetter in embracing technological and environmental advancements in the luxury automobile industry.
