Oct 15, 2023

US Ferrari to Accept Crypto Payments Using Crypto.com, Tonic Crypto and More

Ferrari to accept crypto payments in the US

Ferrari Accepting Cryptocurrency Payments

Ferrari has announced that it will accept cryptocurrency payments for its luxury sports cars in the United States due to customer demand. The carmaker also plans to accept crypto payments in Europe. According to Enrico Galliera, Ferrari’s chief marketing and commercial officer, the decision to accept cryptocurrency payments was driven by market demand and dealer requests.

The luxury automaker is looking to tap into the crypto-savvy market, and many young investors have already invested in digital currencies. Ferrari has partnered with BitPay, a major cryptocurrency payment processor, to enable transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC). Although the number of cars Ferrari expects to sell via crypto payments is unknown, the order portfolio is reportedly fully booked until 2025.

Ferrari plans to introduce cryptocurrency payments in Europe by the first quarter of 2024 and expand to other crypto-friendly regions after. This move by Ferrari marks a major step forward for the adoption of cryptocurrency payments, and it is likely that other luxury car brands will follow suit.

Crypto Payments Now Available for Ferrari Dealers

Ferrari dealers can now accept payments in cryptocurrency, as BitPay will convert them into conventional fiat currency without any additional fees or surcharges. BitPay will also verify the digital currency, ensuring it is not derived from any illicit activities, money laundering or tax evasion.

Many large companies have been hesitant to adopt crypto due to its volatile nature and impractical transactions. Tesla, the electric vehicle manufacturer, began accepting payments in Bitcoin in 2021, but CEO Elon Musk later suspended the payment method due to environmental concerns.

However, with BitPay’s new technology, companies like Ferrari can now accept crypto payments securely and without worry of price fluctuations. This is a major step for the adoption of cryptocurrency in the corporate world.

Share this article