Ferrari embraces crypto payments for U.S. car sales

Ferrari has introduced the option of accepting cryptocurrency as payment for its high-end sports cars in the United States and intends to expand this practice to Europe, driven by customer demand, according to the company’s marketing and commercial chief, as reported by Reuters.

While many businesses have refrained from adopting cryptocurrencies due to regulatory uncertainties and environmental concerns, Ferrari’s decision follows in the footsteps of Tesla, which initially accepted Bitcoin but later suspended it due to ecological worries.

Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, acknowledged efforts in the crypto industry to mitigate environmental impact through software improvements and increased use of renewable energy sources, reaffirming the company’s commitment to achieving carbon neutrality by 2030.

The move to embrace cryptocurrencies by Ferrari was prompted by customer requests, with a diverse clientele of both crypto-savvy investors and traditional portfolio diversifiers.

While certain cryptocurrencies like Ethereum have enhanced their energy efficiency, Bitcoin still grapples with criticisms concerning its energy-intensive mining processes. Ferrari delivered over 1,800 cars in the Americas region in the first half of the year, without specifying the expected crypto-driven sales volume.

Ferrari has enlisted BitPay, a major cryptocurrency payment processor, to facilitate transactions in Bitcoin, Ethereum, and USDC during the initial U.S. phase. The company intends to expand this payment option to Europe and other crypto-friendly regions in the coming year.

No price adjustments or additional fees will be applied to cryptocurrency payments, and BitPay will promptly convert the virtual currencies into conventional money to safeguard against price fluctuations.

BitPay will also ensure the legitimacy of the cryptocurrency sources and prevent its utilization for illicit activities. Ferrari’s U.S. dealers have largely embraced the cryptocurrency scheme, with expectations of additional dealers joining soon.

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