Maranello, Italy – October 14, 2023 – Italian luxury automaker Ferrari announced this week that it will begin accepting cryptocurrency as a payment method for new car purchases in the United States. The move makes Ferrari the first major auto manufacturer to accept cryptocurrencies like Bitcoin and Ethereum as payment options.
Ferrari said the decision came after increased interest from customers to pay with digital currencies. The company has partnered with cryptocurrency payment processor BitPay to facilitate the transactions. Customers will be able to pay for their new Ferraris with Bitcoin (BTC), Ethereum (ETH), and USDC, a stablecoin pegged to the US dollar.
“Innovation is part of Ferrari’s DNA and we strive to be at the forefront of new technologies,” said Enrico Galliera, Chief Marketing and Commercial Officer at Ferrari. “Accepting cryptocurrency as a payment method is aligned with our brand values and leading position in the luxury space.”
The cryptocurrency payment option will be available at all Ferrari dealerships across the United States. When a customer pays with crypto, Ferrari will convert the coins to US dollars before fulfilling the order, shielding the company from volatility in the cryptocurrency markets. Customers paying with crypto will not be charged any additional fees.
Ferrari has not announced plans to expand crypto payment options to other countries, though a spokesperson said the company is considering it for the future. The program is limited to new vehicle purchases only at this time.
The move by Ferrari is a major milestone for cryptocurrency adoption. As a top luxury brand, Ferrari could influence other automakers and retailers to follow suit in accepting cryptocurrencies like Bitcoin and Ethereum. Crypto enthusiasts will surely be lining up to purchase the next Ferrari supercar with their digital assets.
