Ferrari Now Accepts Bitcoin Payments

Paying for a luxury car in cryptocurrency will soon be possible in the USA. Carmaker Ferrari now accepts Bitcoin (BTC), Ethereum (ETH) and USDC as payment for its cars. This crypto payment service is set to be extended to Europe in the coming days. BitPay will facilitate the implementation of this payment system for the automotive giant.

Carmaker Ferrari integrates crypto

Cryptocurrencies continue to make their way into the economy as a means of payment which is giving them more and more legitimacy. This week, the automaker announced to our Reuters colleagues that it now accepts cryptocurrency payments for the purchase of its cars in the United States. According to Enrico Galliera, marketing and sales manager for Ferrari, three crypto-currencies are currently accepted. These are Bitcoin, Ethereum and USDC, the stablecoin from Circle based on the US dollar.

The adoption of cryptocurrency as a means of payment at Ferrari followed strong market demand. Indeed, many Ferrari customers and dealers are investing in crypto, according to Enrico Galliera. The cryptocurrency payment service is initially available to Ferrari customers in the United States. However, the company plans to roll it out to Europe and then to other parts of the world.

This isn’t the first time an automotive giant has adopted Bitcoin payments. In 2021, Tesla began accepting Bitcoin payments before retracting due to environmental considerations.

According to Enrico Galliera, environmental concerns are no longer valid. Ferrari’s marketing and sales manager believes cryptocurrencies have significantly reduced their carbon footprint. Indeed, Ethereum’s improvements such as The Merge has significantly reduced the energy consumption of the most widely used blockchain network, or thanks to the use of renewable sources. This progress is in line with the company’s environmental objectives.

Our goal of achieving carbon neutrality throughout our value chain by 2030 is absolutely confirmed.

Enrico Galliera, Ferrari sales and marketing manager

BitPay on the move to help Ferrari

To facilitate the implementation of cryptocurrency payments in the USA, Ferrari has turned to a giant of the crypto industry. The company BitPay will enable customers to Ferrari to pay initially in Bitcoin (BTC), Ethereum (ETH) and USDC. Bitpay will then transform cryptocurrency payments into fiat currency. This will protect Ferrari dealers from price fluctuations. As a payment processor, BitPay will ensure that paid cryptocurrencies do not come from criminal activities.

Ferrari hasn’t announced whether BitPay will be its working partner outside the US. It’s possible that when crypto payments are rolled out in Europe and other regions, Ferrari could then turn to other service providers.

Ferrari is a major player in the automotive industry. The Italian car manufacturing giant sold 13,200 luxury cars in 2022. It goes without saying that its adoption of cryptocurrencies will influence other companies. I’m convinced that others will soon join us, Ferrari’s head of marketing and sales even said. Cryptocurrencies surely still have a bright future ahead of them, and that’s all the better for the development of our industry. !