Ferrari has reportedly begun accepting payment in cryptocurrency. The Italian luxury sports car manufacturer cited requests from both the market and dealers as the primary motivation for this decision. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” said an executive of the company.

Ferrari Begins Accepting Cryptocurrencies

Italian luxury sports car automaker Ferrari has begun accepting payment in cryptocurrency for its luxury sports cars in the U.S., Reuters reported Saturday, noting that the company also plans to expand the cryptocurrency payment option to Europe.

Ferrari’s chief marketing and commercial officer, Enrico Galliera, told the news outlet that the decision to accept crypto payments was in response to requests from the market and dealers as many of its clients are crypto investors. “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios,” he described, emphasizing:

This will help us connect to people who are not necessarily our clients but might afford a Ferrari.

The Italian car manufacturer is using Bitpay, a leading cryptocurrency payment processor, to accept crypto payments in the U.S. Initially, Ferrari will only allow transactions in bitcoin (BTC), ether (ETH), and stablecoin USDC.

Noting that the company may use different crypto payment processors in other regions, Galliera clarified:

Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.

Ferrari plans to expand its crypto payment acceptance to Europe by the first quarter of next year, the publication conveyed, adding that the company will then offer the crypto payment option in other regions where crypto is legally accepted. The luxury sports car manufacturer’s largest region is Europe, the Middle East, and Africa (EMEA), which accounted for 46% of its total car shipments in the first half of this year. “Interest is the same in the U.S. and Europe, we don’t see huge differences,” Galliera shared.