Ferrari has begun to accept payment in cryptocurrency for its luxury sports cars in the US, and will extend the scheme to Europe after receiving requests from its wealthy customers.
Many leading corporations have avoided crypto due to the unpredictable nature of Bitcoin and similar tokens, making them unsuitable for business transactions. Inconsistent regulations and significant energy consumption further hinder crypto’s adoption as a payment method. Although Tesla, the electric vehicle manufacturer, started accepting Bitcoin in 2021, it later suspended this option because of environmental issues.
In a media interview, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera said that cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. Due to their green focus, Ferrari hopes to accomplish its target to reach carbon neutrality by 2030, he said.
For the initial phase in the US, Ferrari has turned to one of the biggest cryptocurrency payment processors, BitPay, and will allow transactions in bitcoin, ether and USDC. The carmaker might use other payment processors in different regions. Prices will not change, no fees, no surcharges if you pay through cryptocurrency, the company has assured. Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, so they are protected from price swings.