- 1 Ferrari, the manufacturer of luxury sports cars, is all set to delve into the crypto market and begin accepting crypto in the US marketplace.
- 2 To remain a core player in the automobile sector, Ferrari united with the oldest and most powerful cryptocurrency, Bitcoin as well as other digital assets.
The cryptocurrency market is growing at its peak but, who ever imagined purchasing cars with digital assets? Ferrari, an Italian luxury car manufacturer made the dream come true. Ferrari is on the track to accept crypto as a means of payment for its end sports cars in the US.
What’s the Plan of Ferrari?
Ferrari is one of the well-recognized and powerful names in the automobile sector and is well-known for its luxury sports cars.
In a recent interview with Reuters, Enrico Galliera, the Chief Marketing and Commercial Officer of Ferrari revealed the new plan for Ferrari. “To expand its business in the US market, Ferrari is all set to accept payments in crypto” stated Enrico Galliera.
The decision was taken after several investigations, analyses, and observations of both the market and dealer demands. Many clients of Ferrari are interested in investing in digital currencies, and both the market and dealers are demanding a move towards crypto.
Keeping all these situations in mind, Ferrari finally initiated accepting crypto as a means of payment for its luxury sports cards. However, the company decided to apply the plan in the US only as of now.
Despite several flaws, cryptocurrency, mainly Bitcoin, is gaining popularity in the business marketplace. Volatile nature, high resources, and energy consumption are some of the key reasons Bitcoin is not gaining popularity in the growing marketplace. The acceptance of Bitcoin by Tesla in 2021 and later, the shift of the decision due to environmental concerns shows the ineffectiveness of digital assets in the marketplace.
Ferrari committed to becoming carbon neutral by the end of 2030 and acceptance of cryptocurrency is expected to be a part of the plan.
According to Enrico Galliera, the cryptocurrency industry has progressed in mitigating environmental concerns. In addition to this, Ferrari is also expecting to expand its ongoing plan to other regions including Europe in the first quarter of 2024, as the craze for cryptocurrency payment is similar in both the US and Europe.
Enhanced interest of clients towards diversified investment portfolios and an upsurge in the interest towards crypto made Ferrari expand its roots in the crypto marketplace. Also, Ferrari has a strong brand position in the US market, and taking care of the client’s interest would help Ferrari in sustaining an irreplaceable position.
As a part of the plan, Ferrari built a team with BitPay, one of the leading cryptocurrency payment processors. The platform will simply help Ferrari in accepting payments in the form of crypto.
BitPay mainly works with cryptocurrencies including Bitcoin, USDC, and Ether along with converting these digital assets into fiat currency. Surprisingly, the dealers or buyers are not required to pay any additional fees or surcharges for paying with crypto.
Ferrari, a leading player in the automobile sector, decided to accept crypto as a means of payment in the US marketplace. Also, the same plan will be applied to the European market in the first quarter of 2024. Many of the Ferrari’s US dealers already consented to this new payment system.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.