In response to client demand, Ferrari is now accepting cryptocurrency payments, marking a significant change in the high-end automobile industry.
Iconic luxury sports car maker Ferrari is planning to accept cryptocurrency payments from its increasing client base in the United States. The business has also stated its intention to introduce its crypto-friendly policy to the European market.
The Chief Marketing and Commercial Officer of Ferrari, Enrico Galliera, has confirmed the company’s intention to enter the cryptocurrency market. Ferrari has seen an uptick in business from a wide range of customers, but particularly young, tech-savvy crypto investors.
While Galliera did not provide any particular numbers about the amount of Ferraris the firm expects to sell via crypto transactions, he did note that the company’s order books are full and reservations extend all the way to 2025.
This is a calculated action made with the hope of growing the company’s clients outside its current niche. The company’s sights are set far further away than the United States; in the first quarter of 2024, Ferrari plans to launch cryptocurrency payment alternatives in Europe, with more growth into crypto-friendly nations looming in the future.
Ferrari has partnered with BitPay, a leading cryptocurrency payment processor, to facilitate its entry into the U.S. market. Working together, Bitcoin, Ethereum, and USDC may now be traded freely.
This decision stands in sharp contrast to the stance taken by many other large organizations, who have been cautious about adopting cryptocurrencies owing to price volatility and worries about their usability in transactions.
Tesla, the electric car maker, is one such company that briefly accepted Bitcoin as payment in 2021 before abandoning the practice due to environmental concerns.
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