Ferrari has started to accept cryptocurrency payments for its cars in the US and has plans to expand the payment option to Europe.
The luxury sports car manufacturer is using Bitpay, a cryptocurrency payment processor, to accept crypto payments in Bitcoin, Ether, and USD Coin. BitPay converts cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, protecting them from cryptocurrency price volatility.
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Ferrari stated that prices for its cars would not change when paid for with cryptocurrencies, with no additional fees or surcharges.
Environmental concerns, poor regulation and volatility have deterred established corporations from accepting crypto as a means of payment.
Tesla initially accepted Bitcoin in March 2021 but discontinued the scheme in May of the same year due to its high energy usage.
In an interview with Reuters, Ferrari’s chief marketing and commercial officer, Enrico Galliera, tried to assuage environmental concerns, saying, “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.”
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By GlobalDataSeveral major economies currently ban or heavily restriction cryptocurrency payments, such as China which banned the payment method in 2021.
In recent months, several high profile banks have ceased cryptocurrency transactions over fraud fears. JP Morgan’s UK digital banking subsidiary, Chase UK, stopped customers from purchasing crypto assets on 16 October.
In June, a World Federation of Exchanges survey found that most of the 29 financial exchanges that took part remained concerned about crypto’s cybersecurity risks, unclear regulatory guidelines and constantly changing market.
The company’s order portfolio is reported to be strong and fully booked well into 2025, though Ferrari did not specify the number of cars it expects to sell through crypto payments.
