Ferrari to accept crypto for luxury car purchases: Reuters

Quick Take

  • Ferrari will start accepting cryptocurrency for luxury car payments in the U.S.
  • The company plans to expand the payment method to Europe soon, it told Reuters.

Ferrari will accept cryptocurrency as a payment method for its luxury cars in the U.S., according to a Reuters report.

The company intends to expand this payment option to Europe in the near future. The decision to embrace cryptocurrency was made in response to requests from the market and dealers. Many of Ferrari’s clients have invested in cryptocurrencies, the firm said.

“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” the company's chief marketing and commercial officer Enrico Galliera told Reuters.

Working with BitPay

For its U.S. operations, the company has partnered with BitPay, a notable cryptocurrency payment processor. Payments in bitcoin, ether, and the stablecoin USDC will be accepted and promptly converted into fiat currencies to safeguard dealers from crypto price volatility.


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Countries with cryptocurrency restrictions, such as China, will not be included in Ferrari’s cryptocurrency payment expansion strategy.

Galliera stated that Ferrari’s order portfolio is fully booked until 2025. However, the company is experimenting with this payment method to potentially attract new customers.

In 2021, electric car manufacturer Tesla initiated the acceptance of payments in bitcoin. However, CEO Elon Musk subsequently suspended accepting crypto payments for car purchases due to environmental concerns.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]


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