Italian brand, Ferrari, has started to accept cryptocurrency as payment for its sports cars in the US.
Company says decision is in response to requests from dealers as many of its clients have invested in crypto.
Ferrari cars starts at over 200k euros and going up to 2m euros for one offs and limited-edition models.
Plans to extend the crypto scheme to Europe by the Q1 2024 and then to other regions where crypto is legally accepted.
EMEA is Ferrari’s largest region. It accounted for 46% of total shipments in the first half of this year.
In an interview with Reuters, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera said that the decision came in response to requests from dealers as many of its clients have invested in crypto.
“Some are young investors who have built their fortunes around cryptocurrencies,” Enrico Galliera said, adding that “Some others are more traditional investors, who want to diversify their portfolios.”
Prices of Ferrari sports cars starts at over 200,000 euros ($211,000) for the mass-produced models and going up to 2 million euros for one-offs and limited-edition models.
For the initial phase in the U.S., Ferrari turned to one of the biggest cryptocurrency payment processors, BitPay, and will allow transactions in bitcoin, ether and USDC.
Following cryptocurrency payments by clients, Bitpay will immediately turn it into traditional currency on behalf of Ferrari’s dealers, so they are protected from price swings.
“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies. This was one of our main goals : avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera said.
Galliera further revealed plans to extend the crypto scheme to Europe by the first quarter of next year and then to other regions where crypto is legally accepted. Europe, the Middle East and Africa (EMEA) is Ferrari’s largest region, accounting for 46% of its total car shipments in the first half of this year.