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Ferrari Now Accepts Payment in BTC, ETH, XRP

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Sat, 14/10/2023 - 9:44
Ferrari Now Accepts Payment in BTC, ETH, XRP
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Crypto is going mainstream after top luxury brand Ferrari announced it is now accepting digital currencies for its high-end cars. As reported by Reuters, the new allowance from Ferrari is only open to U.S. customers but plans to extend into the European Union in the coming months based on the demand of its customers.

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There has been a relatively profound romance between car brands and the crypto world. Notably, Tesla pioneered this move back in 2021 when it started accepting Bitcoin (BTC) for its cars. The company shortly backtracked on this path citing the high carbon footprint of the coin, which does not align with its goals.

For Ferrari, the company believes the carbon footprint concern is now alleviated as most protocols are now more energy efficient. Despite the support for crypto, Ferrari's Chief Marketing and Commercial Officer Enrico Galliera said the company's goals of attaining carbon neutrality by 2030 remain intact.

With crypto now going mainstream overall, Galliera said the firm has to reposition its terms to capture its customers with a sizable digital currency portfolio.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”

BitPay partnership: Accepted tokens

The luxury car brand has tapped BitPay as its payment processor for the offering. Users will be able to buy high-end cars whose starting price is pegged at about $211,000 with coins like Bitcoin, Ethereum (ETH), XRP and others supported by the top payment processor.

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The volatility will be curtailed as BitPay will convert the funds into fiat currencies to protect Ferrari's dealers from price swings. Notably, BitPay is playing a very crucial role in powering a number of new use cases that involve digital currencies that can be used as payment for real-world assets.

Ferrari said for users paying with crypto, there will be no change in prices, fees, or surcharges.

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