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Cryptocurrency as New Payment Option by Ferrari

Key Takeaways
  • Ferrari, an Italian luxury car manufacturer decided to include cryptocurrency as a payment option.
  • The luxury car manufacturer will take payments in the two largest crypto coins that is Bitcoin (BTC) and Ethereum (ETH).
  • On payments through cryptocurrency, there will be no charge or extra fee payment.
16-Oct-2023 By: Gunjan Sahu
Cryptocurrency as Ne

Fulfilling Market Demands, Ferrari Included Crypto as Payment Option

Considering the demands of the market and dealers, Italian luxury car manufacturer Ferrari includes a new payment option of Cryptocurrency. Italy based luxury car manufacturer Ferrari will accept crypto as payment for their car deals. In the first quarter of 2024 the company is also planning to launch the new payment option in Europe. The company's chief marketing and commercial officer, Enrico Galliera says that many of Ferrari's customers are crypto investors and adding crypto as a payment option will enable the company to connect with potential customers. Because the company's potential customers include young investors who are actively investing in cryptocurrencies while others are traditional investors who are investing in crypto to diversify their portfolios.

Currently Ferrari is accepting crypto payments in the two largest cryptocurrencies of the market capitalisation that is Bitcoin (BTC) and Ethereum (ETH). It is expected that the company will accept stablecoin USDC also. The company has partnered with cryptocurrency payment processor Bitpay for its initial phase in the US along with this. Bitpay will instantly convert cryptocurrency payments into fiat to protect against crypto-related volatility and will also certify that the cryptocurrencies used for payments have not come from any illegal activity, but from legitimate sources. There will be no surcharge, fee or any extra charge on payment through cryptocurrency.

BTC as Payment option by Tesla

Ferrari also aims to be carbon-neutral by 2030 is the reason behind starting crypto payments. The aim of the company is to reduce its carbon footprint with the help of crypto, along with software upgrades and the use of more renewable resources. Electric vehicle manufacturer Tesla also allowed customers to buy Tesla cars with Bitcoin in 2021, but the company suspended the payment option less than two months later due to environmental concerns. Tesla CEO Elon Musk had said that if the clean energy source of miners reaches 50%, then the company will resume BTC payments. Since then, the clean energy use of Bitcoin mining has surpassed the 50% mark, leading to speculation that Tesla will begin accepting BTC payments again.   

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