Ferrari is set to begin accepting cryptocurrency payments in the United States, with plans to expand this initiative to Europe in the future. According to Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, “Some of our customers are new generation investors who have made fortunes from digital currencies, while others are traditional investors looking to diversify their investment portfolios.”
To facilitate these transactions, Ferrari will utilize BitPay, a cryptocurrency payment service provider, to process transactions from Bitcoin (BTC), Ether (ETH), and the Stablecoin (USDC), and convert them into the original fiat currency for Ferrari. This allows Ferrari to avoid direct involvement with the cryptocurrency system.
Although digital currencies have gained popularity as investment tools, it is still challenging for major companies to accept them as a form of payment. In 2021, Tesla, the electric car company owned by Elon Musk, briefly accepted Bitcoin as a payment method but halted the service after just three months, citing environmental concerns regarding the energy consumption associated with Bitcoin mining.
TLDR: Ferrari is embracing cryptocurrency payments in the United States and plans to expand to Europe. Some customers are digital currency investors, while others are traditional investors seeking portfolio diversification. Ferrari will utilize BitPay to process transactions and convert them into fiat currency. This move follows Tesla’s brief acceptance of Bitcoin as a payment method before discontinuing it due to environmental concerns.