Ferrari has begun to take crypto payments for its luxury sports cars in the United States and will expand the program to Europe at the behest of its wealthy clientele. According to Enrico Galliera, Ferrari’s head of marketing, cryptos have demonstrated their commitment to reducing their environmental footprint through the adoption of novel software and relying more heavily on renewable energy. He also asserted Ferrari’s commitment to carbon neutrality throughout its value chain by 2030.
Most corporations have maintained a cautious stance toward cryptocurrencies due to their inherent volatility, rendering them unsuitable for conventional commerce. Additionally, inconsistent regulations and the considerable energy consumption associated with crypto have been formidable barriers to its widespread adoption as a payment method.
While some cryptocurrencies have made strides in enhancing their energy efficiency, Bitcoin, the largest of them all, remains under scrutiny for its energy-intensive mining process.
Galliera stated that the company’s decision to embrace cryptocurrency payments emerged from the collective voices of the market and the company’s dealers, who have increasingly invested in crypto. Ferrari, which dispatched more than 1,800 vehicles to its Americas market in the first half of this year, refrained from specifying the number of vehicles it anticipates selling through crypto. Currently, the company boasts a robust order backlog extending into 2025 and hopes to get more clients through the new crypto payment method.
The Italian automaker plans to expand its crypto payment program to Europe by March next year, with further plans to extend it to other territories where crypto transactions are legally permissible. The company has partnered with BitPay, a major crypto payment processor, for the initial phase of the initiative in the United States. Transactions can be conducted using USDC, Ethereum and Bitcoin. Ferrari intends to collaborate with more payment processors as the program expands globally.
Galliera stated that clients would not incur any additional surcharges or fees when using cryptocurrency. BitPay will serve as the intermediary, instantly converting crypto payments into conventional currency, thereby safeguarding both Ferrari’s dealers and the company itself from the price fluctuations inherent to the cryptocurrency market.
Furthermore, BitPay will undertake the essential role of ensuring that all cryptocurrency funds come from secure and legitimate sources, precluding any association with money laundering, tax evasion or any other illicit activities. Galliera reported that most of its American dealers have already joined the initiative or are in the process of doing so, demonstrating their confidence in the success of crypto payments. The company anticipates more will soon follow suit.
This announcement by Ferrari is most likely good news for crypto industry actors such as Bit Digital Inc. (NASDAQ: BTBT) since it adds to the credibility of digital currencies.
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