Ferrari’s Groundbreaking Move: Accepts Payment in Crypto

• Ferrari accepts crypto payments for their luxury cars in the United States.
• The company’s decision came in response to the request of clients who have largely invested in crypto.
• By the first quarter of 2024, Ferrari intends to extend the scheme to Europe.

The Italian luxury sports car Ferrari recently announced its decision to accept cryptocurrency as a means of payment in the United States, shortly extending the scheme to Europe. As per the latest report by Reuters, Ferrari’s groundbreaking move came in response to requests from dealers and individual clients who have largely invested in crypto.

Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, commented on the company’s initiative to sell their luxury cars through crypto. As their promising clients have booked for the years ahead, Galliera is optimistic about the plan. He added, “This will help us connect to people who are not necessarily our clients but might afford a Ferrari.” Galliera’s words also shed light on the increasing influence of digital currencies among Ferrari clients, as he cited,

Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios.

The Italian luxury company’s move came amidst the industry giants withdrawing themselves from accepting virtual currency payments, mainly driven by the market’s volatility. In addition, the ongoing regulatory pressures and the high energy consumption have also restricted these companies from using crypto payments.

However, Ferrari came forward with the cutting-edge decision, asserting that cryptocurrencies, with the introduction of eco-friendly projects and renewable resources, have implemented plans to reduce carbon footprint. Elaborating on their mission, Galliera cited, “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.”

According to the report, the company plans to establish the scheme in Europe by the first quarter of 2024. The company also intends to expand the acceptance of crypto payments in other countries in the upcoming years. Galliera stated, “Interest is the same in the U.S. and Europe, we don’t see huge differences”.