Cryptocurrencies have taken a bit of a hammering over the last couple of years, but many younger investors have built their wealth this way, and now Ferrari is letting them buy supercars using blockchain tech.
Ferrari dealers in the U.S. are already taking crypto payments and the service will be rolled out to Europe in early 2024, followed by other regions at a later date due to demand from wealthy clients, the brand’s marketing boss told Reuters. Bitcoin and ether are both accepted by dealers, as is the stablecoin, USDC.
Crypto doesn’t exactly have a great reputation for stability, so Ferrari’s chosen payment processor, BitPay, will immediately convert the digital currencies into traditional money to prevent dealers getting stung by price fluctuations. It’s also BitPay’s job to make sure the crypto payments aren’t the proceeds of criminal activity or being used to launder money or evade taxes.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera, told Reuters. “Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.”
Related: Tesla Stops Accepting Bitcoin As Payment Due To Environmental Concerns
This isn’t the first time an automaker has accepted crypto payments. Tesla announced it would accept Bitcoin payments in 2021, but then reversed that decision citing concerns over the amount of fossil fuels used in Bitcoin mining. Ferrari’s Galliera says that cryptocurrencies have increased efforts to reduce their carbon footprint though new software and by replacing fossil fuel-derived energy with renewables in the mining process, and claims that accepting digital currencies does not derail Ferrari’s own green plans.
Earlier this year, it was reported that Tesla could be about to take crypto payments again. Code was was spotted on Tesla’s retail website suggesting that Bitcoin would be reinstated as a payment method.