Ferrari has kicked off accepting cryptocurrency as a payment option for its luxury sports cars in the U.S., and there are plans to bring this service to Europe soon.
This decision is based on feedback from its high-end customers, as reported by the company's marketing and commercial lead, according to Reuters.
Unlike most major companies that are hesitant about the unpredictable nature of cryptocurrencies like bitcoin, Ferrari is taking the leap.
Electric vehicle maker Tesla also embraced Bitcoin payments but had to backpedal after concerns about its environmental impact.
However, Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, pointed out that there have been significant efforts within the crypto industry to cut down their carbon emissions.
Newer software and increased use of renewable energy sources are some of these positive changes. He affirmed Ferrari's commitment, saying, "Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed."
Galliera highlighted that the move to accept cryptocurrency was influenced by their dealers and market demands.
Ferrari has noted that a portion of their client base has a vested interest in cryptocurrency. Some have made substantial returns from their crypto investments, while others view it as a diversification strategy for their assets.
Even though there are environmental reservations about some cryptocurrencies, Ferrari's decision aims to resonate with potential customers. Galliera said, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."
For its American clientele, Ferrari has partnered with BitPay, a leading cryptocurrency payment processor. Transactions will be available in bitcoin, ether, and USDC.
BitPay will immediately convert cryptocurrency payments to traditional currency, safeguarding Ferrari's dealers from the volatile nature of crypto prices.
Galliera confirmed that many U.S. dealers have already joined or are about to participate in the new payment scheme. By the beginning of next year, Ferrari aims to introduce this cryptocurrency payment method to Europe and other regions where crypto transactions are lawful.
