Ferrari to accept cryptocurrency payments within the United States.

Ferrari’s decision to accept cryptocurrency payments in the United States and its plans to extend this option to Europe were shaped by increasing customer demand and requests from dealers. A rising number of clients, including tech-savvy young investors, have ventured into the world of digital currencies.

Ferrari, a renowned luxury car brand, has heeded the call of its clientele and is set to facilitate crypto payments for their high-end sports cars. This strategic move comes in response to the surging interest from customers. Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, confirmed the company’s intentions.

While the exact number of vehicles Ferrari expects to sell using crypto payments remains undisclosed, Galliera did emphasize that the carmaker’s order books are brimming until 2025. Ferrari aims to leverage the burgeoning crypto market to engage with potential buyers outside its traditional customer base. In addition to the United States, Ferrari plans to introduce cryptocurrency payment options in Europe by the first quarter of 2024 and later expand into other crypto-friendly regions.

Galliera assured that customers using cryptocurrency to purchase their luxury vehicles won’t incur additional fees or surcharges. BitPay will play a pivotal role in promptly converting cryptocurrency payments into conventional fiat currency for Ferrari’s dealers, thereby shielding them from the price fluctuations characteristic of the cryptocurrency market.

BitPay will also carry out thorough checks to validate the legitimacy of the digital currency used for these transactions, ensuring that it does not originate from unlawful activities such as money laundering or tax evasion.