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Ferrari to Accept Crypto Payments for Luxury Cars in the US

In Milan on October 14, Ferrari, the luxury sports car manufacturer, commenced accepting cryptocurrency as payment for its vehicles in the United States, with intentions to extend the option to Europe in response to significant demand from its affluent clientele, as disclosed by Enrico Galliera, the company’s Chief Marketing and Commercial Officer, in an interview with Reuters.

Galliera emphasized that Ferrari remains committed to achieving carbon neutrality throughout its operations by 2030, noting efforts within the cryptocurrency realm to mitigate carbon footprints through the implementation of advanced software and increased reliance on renewable energy sources.

The decision to adopt cryptocurrency was primarily driven by consumer demands, with an increasing number of clients investing in digital currencies, some of whom are young investors who have amassed significant wealth through cryptocurrency, and others being traditional investors seeking to diversify their portfolios, as explained by Galliera.

In the first half of this year, Ferrari delivered over 1,800 cars to its Americas region, which includes the United States, illustrating the strong demand for its products.

Although the company did not specify the anticipated volume of sales through cryptocurrency, Galliera affirmed the robustness of the company’s order backlog, which is already booked well into 2025. Nevertheless, the implementation of cryptocurrency transactions represents an opportunity for Ferrari to explore a broader consumer base that may not have previously considered purchasing a Ferrari, as per Galliera’s statement.

With plans to introduce the cryptocurrency payment scheme to Europe by the first quarter of the following year and subsequently to other regions where cryptocurrency transactions are legally permissible, Ferrari aims to capitalize on the growing interest in digital currencies across various global markets.

Galliera highlighted that interest in cryptocurrency as a payment method is comparable in both the United States and Europe, with no significant discrepancies between the two regions.

Notably, countries where cryptocurrency usage is restricted include China, underscoring the varied regulatory landscape worldwide.

For the initial phase of its cryptocurrency venture in the United States, Ferrari has partnered with BitPay, a prominent cryptocurrency payment processor, allowing transactions in major cryptocurrencies such as Bitcoin, Ethereum, and USDC (a stablecoin).

Galliera assured that utilizing cryptocurrency for payment would not incur additional fees or surcharges for customers, as the prices will remain consistent. Furthermore, BitPay will convert the cryptocurrency payments into traditional currency immediately on behalf of Ferrari’s dealers, providing protection against the inherent volatility of the cryptocurrency market.

Emphasizing the need for regulatory compliance and adherence to stringent anti-money laundering measures, Galliera emphasized that BitPay would verify the legitimacy of the cryptocurrency sources, ensuring that the funds are not derived from illicit activities or intended for money laundering or tax evasion purposes.

Galliera further noted that a majority of Ferrari’s dealerships in the United States have already embraced the cryptocurrency payment scheme, and he expressed confidence that others would soon follow suit, affirming Ferrari’s commitment to innovation and customer satisfaction.

News Desk

Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

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