Italian luxury sports car maker Ferrari has begun accepting cryptocurrency as a payment method for its vehicles in the United States. The company also plans to expand crypto payment options to its dealerships in Europe in early 2023.
Ferrari stated the move comes in response to requests from clients, some of whom have made fortunes from crypto investments. The automaker will work with leading crypto processor BitPay for the initiative.
For now, payments are enabled in top cryptocurrencies including Bitcoin, Ether, and USDC stablecoin. Prices will remain the same when paying via crypto, with no extra fees or charges imposed.
Ferrari ships over 1,800 cars annually to the Americas and sees strong demand from crypto-wealthy consumers. It aims to assess crypto’s potential to connect with new clients able to afford the 200,000+ euro vehicles.
BitPay will convert crypto payments to traditional currency instantly to shield Ferrari from volatility. The processor will ensure the crypto originates from legitimate sources.
The announcement reflects rising crypto adoption, even for big-ticket luxury items. With the move, Ferrari provides high-net-worth crypto holders a fitting payment option to purchase its coveted sports cars.
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