Ferrari has taken the initiative to allow cryptocurrency as a form of payment for its high-end sports cars in the U.S. Following feedback from affluent clients, the company plans to broaden this approach to Europe, according to Enrico Galliera, the head of marketing and sales at Ferrari.
While numerous leading businesses remain hesitant to integrate cryptocurrency due to its unpredictable nature, some, including electric vehicle manufacturer Tesla, made an attempt. Tesla initiated bitcoin payments in 2021, but later withdrew the option, with CEO Elon Musk citing environmental reservations.
Enrico Galliera shared with Reuters that several cryptocurrencies are addressing environmental concerns by launching new software and increasingly adopting renewable energy sources. He reaffirmed Ferrari’s dedication to achieving carbon neutrality by 2030 throughout their operations.
The move to accept cryptocurrency stems from the demand of the market and Ferrari’s dealership network, noting the growing number of their clients with significant investments in digital currencies. “Our clientele ranges from young crypto magnates to traditional investors looking to diversify their holdings,” Galliera noted.
Though some digital currencies, like ether, have enhanced their energy consumption protocols, bitcoin continues to be scrutinized for its substantial energy use.
In the initial six months of the year, Ferrari delivered over 1,800 vehicles to the Americas, encompassing the U.S. Galliera didn’t specify the anticipated sales via cryptocurrency but mentioned that with their orders already full until 2025, they are curious to explore this burgeoning domain. “Our goal is to reach potential clients beyond our current base,” Galliera remarked.
In 2022, the renowned Italian carmaker sold around 13,200 vehicles. With price tags ranging from roughly 200,000 euros ($211,000) to 2 million euros, Ferrari is looking to introduce the cryptocurrency payment system to Europe in the upcoming year, before expanding to other crypto-friendly regions. Europe, the Middle East, and Africa (EMEA) constitute Ferrari’s primary market, representing almost half of their car deliveries this year.
To facilitate cryptocurrency transactions in the U.S., Ferrari has partnered with BitPay, a prominent crypto payment service. This will allow transactions in bitcoin, ether, and USDC, a major stablecoin. They might collaborate with other payment providers in distinct regions.
Galliera reassured that cryptocurrency payments won’t introduce additional costs. He emphasized that BitPay would instantly convert these payments into conventional currencies for Ferrari dealers, providing a buffer against price volatility. “Our intention was to steer clear of the direct handling of cryptos and their potential drastic value changes,” he said.
BitPay is also responsible for ensuring that all transactions are lawful and not associated with illicit activities.
To conclude, Galliera stated that a significant portion of Ferrari’s U.S. dealers are already on board with the new payment system or are in the process of joining. “I expect more will follow suit shortly,” he added.
