Ferrari, the epitome of luxury sports cars, has shifted gears by accepting cryptocurrency as payment in the U.S. This bold leap into the crypto world is driven by increasing demand from affluent customers, marking a significant departure from the traditional payment landscape.

Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, revealed that the iconic automaker has initiated cryptocurrency payments for its high-end cars in the U.S. Following this successful rollout, the plan is to extend the crypto acceptance initiative to Europe, responding to the call from its crypto-invested clientele.

Unlike many blue-chip companies cautious of crypto’s volatile nature, Ferrari has embraced the digital currency wave. This move follows in the footsteps of electric car giant Tesla, which briefly accepted Bitcoin payments before environmental concerns led to a halt.

Galliera emphasized Ferrari’s commitment to carbon neutrality by 2030, highlighting efforts within the crypto sphere to minimize environmental impact through innovative software and increased use of renewable sources.

Ferrari’s decision to embrace cryptocurrency is customer-driven, with many clients expressing interest and investment in the digital asset realm. Galliera pointed out the diverse investor profile, ranging from young crypto enthusiasts who’ve amassed wealth in the digital era to more traditional investors seeking portfolio diversification.

While Ferrari’s order portfolio remains robust, with bookings into 2025, the automaker sees crypto acceptance as an opportunity to tap into a broader market. Galliera emphasized the goal of connecting with potential Ferrari owners beyond the traditional clientele.

To facilitate this crypto journey, Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors. The U.S. launch will allow transactions in bitcoin, ether, and USDC (a stablecoin), with plans to expand the offering to Europe by Q1 2024.

Galliera assured that prices for Ferrari’s luxury vehicles would remain unchanged, with no additional fees or surcharges for crypto payments. BitPay will swiftly convert cryptocurrency payments into traditional currency, shielding both dealers and Ferrari from the inherent volatility of the crypto market.

As part of the process, BitPay will ensure the legitimacy of cryptocurrency sources, preventing any involvement in criminal activities. This strategic move minimizes direct exposure to crypto fluctuations and safeguards against illicit use of digital currencies.

Ferrari’s crypto venture is not confined to the U.S. and Europe. The automaker plans to expand its crypto payment scheme to regions where crypto transactions are legally accepted, opening up new possibilities in the global market.

Ferrari’s foray into cryptocurrency payments marks a significant milestone in the fast lane of technological evolution, signaling a fusion of automotive excellence and digital innovation.