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- 1 Ferrari announced to accept crypto payment following the surging demand among young investors.
- 2 BitPay became Ferrari’s cryptocurrency payment acceptance protocol to increase its sales.
- 3 In the financial year 2022, Ferrari sold 13,200 units of its luxury cars; the average price for a vehicle was $200,000.
The luxury car manufacturer announced that now onwards, it would start accepting cryptocurrency payment for purchasing vehicles.
As of now, the adoption of cryptocurrency payments is enabled in the United States, but the company aims to expand the offering in Europe.
The move comes after a sharp rise in demand for vehicles. However Ferrari is not the first high-end car company to accept payments in cryptocurrency.. Tesla was one of the first companies that started accepting payments in crypto.
Enrico Galliera, the Chief Marketing and Commercial Officer said the move of the company came after the request of young investors who earned Millions from the virtual finance industry.
Not all corporate businesses accept cryptocurrencies as payment due to its volatile nature. However, Ferrari is evidently willing to adapt according to the prevailing trends.
For accepting payments in crypto, the vehicle manufacturer has collaborated with BitPay, a crypto processor. Bitpay will allow Ferrari users to pay the bill in Ethereum, Bitcoin and USD coin.
According to Galliera, the move to accept crypto payment will help the company to connect larger clients globally and to those who can afford Ferrari but do not own enough fiat money.
The company shipped approximately 1800 luxury cars to the United States in the first half of 2022. Although the company never disclosed its revenue gathered from crypto payments.
Is Ferrari Working to Reduce Carbon Emission in its Vehicles?
Majority of the times Ferrari has faced severe criticism due to its high carbon emission gasoline vehicles.
A spokesperson of an Italian car manufacturer stated that the company is working to reduce carbon emission and it is likely that the company will achieve its target by the end of 2030.
The problem of carbon emission is quite common for most sporting vehicles manufacturers globally and it is believed that usage of bio fuel might help the company to avoid excess carbon emission.
In the financial year 2022, Ferrari sold 13,200 units of its luxury cars; the average for a vehicle was $200,000. Notably, the company will not charge any fees or surcharges on the crypto payments.
Ferrari’s move will be welcomed by the crypto community. Tesla the electric vehicle manufacturer was one of the first companies in its sector to accept cryptocurrencies payments. These developments bode well for crypto.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
