Ferrari's Crypto Car Payment

author: FutureCar Staff    

Ferrari has announced that it is now accepting cryptocurrency payments for its cars in the US and has plans to expand this payment option to Europe. The luxury sports car manufacturer is partnering with Bitpay, a cryptocurrency payment processor, to accept payments in Bitcoin, Ether, and USD Coin. BitPay will convert the cryptocurrency payments into traditional currency on behalf of Ferrari's dealers, protecting them from the volatility of cryptocurrency prices. Ferrari has stated that the prices for its cars will remain the same when paid for with cryptocurrencies, with no additional fees or surcharges.

While many established corporations have been hesitant to accept crypto as a means of payment due to environmental concerns, poor regulation, and volatility, Ferrari seems determined to address these concerns. In an interview with Reuters, Ferrari's chief marketing and commercial officer, Enrico Galliera, assured that the company is committed to reaching carbon neutrality by 2030 along its entire value chain.

It is worth noting that Tesla, another prominent car manufacturer, initially accepted Bitcoin as a form of payment in March 2021 but discontinued the option in May of the same year due to concerns over the high energy usage associated with Bitcoin mining.

However, Ferrari's decision to embrace cryptocurrency payments may face some challenges. Several major economies, including China, currently ban or heavily restrict cryptocurrency payments. Additionally, in recent months, several high-profile banks have ceased cryptocurrency transactions due to fraud concerns. The World Federation of Exchanges conducted a survey which revealed that many financial exchanges remain wary of crypto's cybersecurity risks, unclear regulatory guidelines, and the constantly changing market.

Despite these challenges, Ferrari remains optimistic about the future of crypto payments. The company's order portfolio is reported to be strong and fully booked well into 2025, although the exact number of cars expected to be sold through crypto payments has not been specified.

FutureCar Staff