Ferrari has announced it will start accepting cryptocurrency as a payment method for customers in the US. According to the official information given by the luxury sports car manufacturer, it will also extend the scheme to Europe after requests from its wealthy customers.

Ferrari is set to use crypto payments provider, BitPay, to process transactions in Bitcoin (BTC), Ether (ETH), and stablecoin USD coin (USDC) in the initial rollout in the US. Bitpay will straight away turn cryptocurrency payments into traditional currency on behalf of Ferrari's dealers, so they are protected from price swings. As the payment processor, BitPay intends to ensure that the virtual currencies come from legitimate sources and are not derived from criminal activity or used to launder the proceeds of crime or evade tax. Ferrari's officials have noted that the majority of its dealers in the US have already signed up or are about to agree to the scheme.

Furthermore, the officials emphasised that cryptocurrencies have made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. Crypto in commerce Many of the blue-chip companies have stayed away from crypto as the unpredictability of Bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

Ferrari stated that the decision came in response to requests from the market and dealers as many of its clients have invested in crypto. The company has shipped more than 1,800 cars to its Americas region, which includes the US, only in the first half of 2023. However, the company also wants to test if offering crypto payments would help them connect to people who are not necessarily their clients but might afford a Ferrari.

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