Starting at the end of July, luxury car manufacturer Ferrari will let its European customers buy their cars using Bitcoin, Ether, and other cryptocurrencies.
Now this isn’t Ferrari’s first rodeo. They started this in the U.S. less than a year ago, wanting to keep up with the changing needs of their wealthy clientele.
And guess what? By the end of 2024, Ferrari said it plans to expand this payment option to more countries where cryptocurrencies are legal. The company is teaming up with experts in the crypto industry to make sure everything runs smoothly.
They said they don’t want their dealers dealing directly with cryptocurrencies, so these will be converted instantly into traditional currency. This way, dealers don’t have to worry about crypto’s wild price swings.
Plus, the payment providers will verify the source of funds and protect transactions from exchange rate fluctuations. Ferrari partnered with BitPay to make this happen.
Customers can pay for their Ferrari with Bitcoin, Ethereum, or USDC at participating dealerships. BitPay then converts these crypto payments into traditional currency on behalf of the dealers.
The best part for customers? No extra fees or surcharges for using crypto, and the prices stay the same whether you pay in cash or crypto. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, said:
“This alternative payment system helps us reach a broader audience beyond our traditional client base.”
By adopting cryptocurrency payments, Ferrari is also aligning with its goal of carbon neutrality by 2030. Yes, cryptocurrencies like Bitcoin have a bad rep for being energy-intensive, but there are ongoing efforts to make them more sustainable.
Cynthia, a spokesperson for Ferrari, said, “We’re seeing a huge change in how our clients want to handle their transactions. Embracing cryptocurrencies is a natural step for us to meet these new expectations.”
