US citizens will soon be able to buy luxury Ferrari vehicles with crypto. Europe is next in line.
According to a Reuters report, Ferrari is going to accept cryptocurrency payments for its sports cars in the United States and has further plans to support crypto payments in Europe.
The main reason for the decision is market demand. Ferrari’s chief marketing and commercial officer, Enrico Galliera, commented that the luxury car brand was motivated by numerous dealer and customer requests. Many brand clients are tech-savvy young investors who have crypto in their portfolios. Therefore, the company is trying to adapt to the changing financial landscape. In addition, Ferrari aims to connect with potential buyers beyond its usual customer base.
After experimenting with the US market, the luxury automaker plans to introduce cryptocurrency payments in Europe by the first quarter of 2024 and further expand the service to other crypto-friendly regions.
To enable crypto payments, Ferrari has reportedly partnered with BitPay crypto payment processor. At the moment, the automaker accepts the three most popular cryptocurrencies – bitcoin, ether, and USDC stablecoin.
The company promises there will be no additional fees or surcharges for accepting cryptocurrency payments. BitPay will promptly convert crypto into fiat for Ferrari’s dealers, to shield them from cryptocurrency price fluctuations. The digital asset payment processor will also be responsible for verifying the legitimacy of crypto assets, ensuring they do not originate from illicit activities, money laundering or tax evasion.
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