Ferrari to Start Accepting Crypto Payments in U.S, Europe to Follow

Ferrari will subsequently extend the scheme to Europe in response to demand from its wealthy customers

AccessTimeIconOct 16, 2023 at 9:27 a.m. UTC
Updated Oct 16, 2023 at 1:32 p.m. UTC

Ferrari (RACE) will start accepting cryptocurrency as a payment method in the U.S., with a view to extending the scheme to Europe.

The Maranello, Italy-based luxury sports car manufacturer is responding to demand from its wealthy customers, Chief Marketing and Commercial Officer Enrico Galliera said in an interview with Reuters.

  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • Could the Upcoming Bitcoin Conference Move Markets?
    00:34
    Could the Upcoming Bitcoin Conference Move Markets?
  • How Grayscale's 2.5% Fees Could Impact Investor Interest
    11:27
    How Grayscale's 2.5% Fees Could Impact Investor Interest
  • WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
    02:02
    WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
  • "Some [of our clients] are young investors who have built their fortunes around cryptocurrencies," Galliera said. "Some others are more traditional investors, who want to diversify their portfolios."

    Ferrari will use crypto payments provider BitPay to process transactions in bitcoin (BTC), ether (ETH) and stablecoin USD coin (USDC) in the initial rollout in the U.S.

    "Dealers – and ultimately Ferrari – will receive payments in traditional currency and will not be managing cryptocurrencies directly," Ferrari told CoinDesk in an emailed statement. "The source of the cryptocurrencies will be proven and volatility risks associated with exchange rates will be eliminated."

    Despite crypto's popularity as an investment tool, for major companies to accept it as method of payment remains rare. In February 2021, Elon Musk's electric-car company Tesla (TSLA) began accepting bitcoin payments but discontinued the service only three months later, citing environmental concerns over the electricity usage involved in bitcoin mining.

    UPDATE (Oct. 16, 13:30 UTC): Adds statement from Ferrari.

    Edited by Parikshit Mishra.






    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.