Ferrari Rolls Out Support For Crypto Payments In The U.S.

Ferrari, the renowned Italian sports car manufacturer, now accepts payments in the form of cryptocurrency for its vehicles in the United States.

On Oct. 14, Ferrari announced it tapped BitPay, a leading cryptocurrency payment processor, to support purchases using BTC, ETH, or USDC. Ferrari said it may partner with different payment partners to launch support for crypto payments in other countries as well.

Enrico Galliera, Ferrari’s chief marketing and commercial officer, told Reuters the company chose to embrace crypto payments in response to demand from customers.

"Some are young investors who have built their fortunes around cryptocurrencies," Galliera said. "This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”

Ferrari is not the first major automotive maker to embrace digital assets. Tesla launched support for crypto payments in 2021, before reversing its decision due to environmental concerns regarding Proof of Work mining just a few weeks later.

Ferrari said it considered the environmental impact associated with cryptocurrencies, determining that Ethereum’s transition to Proof of Stake consensus and the increasing adoption of green technology by Bitcoin miners assuage its concerns.

"Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” Galliera said.

Ferrari’s CMO added that buyers purchasing with cryptocurrency won’t face any additional fees or surcharges. The company will convert all digital assets received into fiat currency on receipt.