Ferrari Joins the Cryptocurrency Payment Game

Ferrari Enters the World of Cryptocurrency Payments

Although Lamborghini was once the most mentioned supercar brand in the cryptocurrency world, another world-leading luxury car brand has recently opened up the channel of cryptocurrency payments to luxury car enthusiasts and owners in the United States.

Luxury car manufacturer, Italian luxury car manufacturer Ferrari is accelerating its entry into the cryptocurrency field by accepting Bitcoin, Ethereum (ETH), or the USDC stablecoin as payment methods for car purchases in the United States.

The car manufacturer announced that it is collaborating with the cryptocurrency payment processor BitLianGuaiy, which will handle the conversion process from digital assets payment to fiat currency on behalf of Ferrari dealers, conduct relevant due diligence, and plans to expand this service to the European market soon. Potential car buyers will be able to purchase cars using Bitcoin, Ethereum, and USDC. Ferrari states that cryptocurrency millionaires “may not be our customers”, but if they wish to buy a car, we welcome them to do so.

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Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, said in an interview with Reuters that this move aims to attract a new generation of customers who may not be considered part of the traditional customer base. Galliera states, “Some young investors who have accumulated wealth around cryptocurrencies are not necessarily in the traditional customer list we have established. Such measures will help us establish connections with those who may not be our customers but can afford luxury car expenses.”

Galliera stated that Ferrari will not charge additional fees or surcharges for cryptocurrency transactions in this payment process. Completing the payment through the cryptocurrency payment processor BitLianGuaiy is meant to effectively protect dealers from the inherent volatility of the industry. Of course, Ferrari is not the first luxury car manufacturer to accept Bitcoin. In addition to Lamborghini, individual dealerships of well-known brands such as Nissan and BMW have also allowed customers to purchase cars using Bitcoin or other cryptocurrencies across the United States.

Last year, electric car giant Tesla was also one of the most notable companies allowing the purchase of cars using digital assets, but the company discontinued this practice in 2021, citing concerns about the energy consumption associated with tokens. Ferrari’s marketing director Galliera pointed out that efforts made recently to make cryptocurrencies more environmentally friendly, such as Bitcoin, Ethereum (ETH), or the USDC stablecoin, were factors that prompted Ferrari to decide to accept top-tier cryptocurrencies in the near future.

In Ferrari’s second-quarter earnings report, the company reported that approximately 17.5% of its shipments were sold in the Americas, totaling 869 vehicles. The latest Ferrari model, the 812GTS, has a price tag close to $430,000. As of writing this article, it’s worth around 15 bitcoins.

Although Ferraris accepting cryptocurrency as payment have become one of the most expensive products out there, they are not the first luxurious items that allow Bitcoin payments, nor the most extravagant. So far, cryptocurrency holders have been able to use crypto to pay for a range of luxury items like yachts, clothing, and even the most expensive residence in London. However, none of these compare to the cost of using Bitcoin to pay for a space trip offered by Sir Richard Branson’s Virgin Galactic.

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