Ferrari's steel horses are now also available with cryptocurrencies

Ferrari now accepts cryptocurrencies for the purchase of its prestigious vehicles in the US. It is a response to the demand of wealthy customers and the trend of an increasing number of crypto investors. According to the Reuters portal and the words of the head of marketing and commercial at Ferrari, they will expand the program to Europe, where some of their wealthy customers have the same requirements.

Most blue chip companies have avoided cryptocurrencies, as the volatility of bitcoin and other tokens makes them impractical for trading. Uneven regulation and high energy consumption also prevented the spread of cryptocurrencies as a means of payment. Even the electric car manufacturer Tesla, which started accepting payments in bitcoins in 2021, soon stopped the project due to environmental concerns.

Enrico Galliera, head of marketing and commercial at Ferrari, told Reuters that cryptocurrencies have introduced new software in efforts to reduce their carbon footprint and support greater use of renewable resources. "Our goal to achieve carbon neutrality in the entire value chain by 2030 is fully confirmed,” he said in an interview.

"Some of the clients are young investors who have built their wealth precisely with cryptocurrencies," he said. "Some others are more traditional investors looking to expand their portfolios." Although some cryptocurrencies, such as the second largest, ether, have increased their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining.

In the first half of this year, Ferrari delivered more than 1,800 cars.

Galliera did not comment on Ferrari's expectations for the number of cars it could sell with cryptocurrencies. He said that the company's order portfolio is possible and fully occupied until 2025. The introduction of cryptocurrencies as a means of payment is something completely new and, nevertheless, an area where the company wants to test itself.

"This move will help us connect with people who are not necessarily our customers, but can afford a Ferrari," he said.

The Italian company, which in 2022 sold 13,200 cars that are more expensive than 200,000 euros, with prices ranging up to 2 million euros, plans to expand the cryptocurrency program to Europe in the first quarter of next year. and then to other regions where cryptocurrencies are legally accepted.

Europe, the Middle East and Africa (EMEA) is Ferrari's largest region, accounting for 46 percent of total sales in the first half of this year. "Interest in the US and Europe is the same , we don't see big differences," Galliera said. One of the countries where cryptocurrencies are restricted is, for example, China.

Ferrari turned to one of the largest cryptocurrency payment operators, BitPay. We are talking about the initial phase in the US, where it will enable transactions with bitcoins, ethers and USDC, the largest of these stable cryptocurrencies. Ferrari could use different payment processors for different regions. "If you pay with cryptocurrencies, the prices will not change for you, there are no commissions, there are no additional costs," Galliera said. "One of our main goals was to avoid dealing directly with cryptocurrencies and protect clients from their large fluctuations.,” Galliera said.

As a payment processor, BitPay will ensure that virtual currencies originate from legitimate sources and are not the result of criminal activities and are not used for money laundering or tax evasion.

Ferrari's head of marketing and commercial said the majority of US dealers have already signed up to the program or will soon agree to the plan. "I am sure that the others will soon join in as well," he said.al Galliera.