Ferrari is entering the world of cryptocurrency payments to meet growing customer demand in the US.

The iconic car manufacturer has decided to accept digital currency payments for its premium sports cars. Also, plans are in the works to introduce crypto payments in Europe soon, marking the rise of the crypto revolution in the luxury world.

Crypto payments confirmed

According to A recent report Reuters reported on October 14 that Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera confirmed that the luxury car brand plans to accept cryptocurrency payments. This strategic decision by Ferrari is driven by growing market demand and numerous requests from dealers, including a significant number of digital currency-adopting customers, especially crypto-savvy young investors.

While Galliera did not provide exact numbers on the number of cars sold through the cryptocurrency, Ferrari is said to have a full order book until 2025. The luxury car brand sees cryptocurrency adoption as an opportunity to attract new customers beyond their usual target audience.

Ferrari plans to launch cryptocurrency payments in Europe in the first quarter of 2024, with further expansion plans to other crypto-friendly regions.

Cooperation with BitPay

In an early move in the United States, Ferrari has reportedly announced a partnership with leading cryptocurrency payment app BitPay. This strategic alliance allows customers to pay for Ferrari’s luxury vehicles in Bitcoin, Ethereum and USD Coin.

Enrico Galliera has confirmed that there are no additional fees or additional charges for using cryptocurrency. Because BitPay instantly converts cryptocurrency to traditional fiat currency for Ferrari dealers. This conversion process helps protect dealers from the volatility of cryptocurrency prices.

Furthermore, BitPay will thoroughly investigate the legality of the digital currency used and ensure that it does not originate from illegal activities, including money laundering and tax evasion. These actions highlight Ferrari’s commitment to both transparency and regulatory compliance.