Ferrari (RACE.MI) has introduced the option for customers to pay for their luxury sports cars using cryptocurrency in the United States. The company has revealed its intention to extend this service to Europe in response to the requests of its affluent clientele. While many blue-chip firms have been cautious about adopting cryptocurrencies due to their volatile nature, Ferrari has embraced the concept. This contrasts with electric vehicle manufacturer Tesla (TSLA.O), which briefly accepted bitcoin payments in 2021 before discontinuing them due to environmental concerns raised by CEO Elon Musk.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, explained that cryptocurrencies have made efforts to reduce their carbon footprint by introducing new software and using more renewable energy sources. He reaffirmed the company’s commitment to achieving carbon neutrality throughout its value chain by 2030.
The decision to accept cryptocurrency payments was prompted by market and dealer requests, as many Ferrari clients have invested in cryptocurrencies. Galliera noted that some are young investors who have generated wealth through cryptocurrencies, while others are traditional investors looking to diversify their portfolios.
Ferrari, which shipped over 1,800 cars to the Americas region, including the United States, in the first half of the year, did not specify how many vehicles it expected to sell using cryptocurrency. The company is fully booked into 2025, but it aims to explore this expanding customer base.
The company has partnered with BitPay, one of the leading cryptocurrency payment processors, to facilitate cryptocurrency transactions in the United States. Customers will be able to use bitcoin, ether, and USDC (a stablecoin). Ferrari has plans to extend this cryptocurrency payment option to Europe in the first quarter of the coming year and to other regions where it is legally permissible.
BitPay will convert cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, protecting them from price fluctuations. This partnership also ensures that the virtual currencies used for payments are from legitimate sources and not associated with criminal activity, money laundering, or tax evasion. Galliera expressed confidence that other U.S. dealers would soon adopt this payment method.