Ferrari to Start Accepting Crypto Payments in U.S, Europe to Follow

Ferrari (RACE) will start accepting cryptocurrency as a payment method in the U.S., with a view to extending the scheme to Europe.

The Maranello, Italy-based luxury sports car manufacturer is responding to demand from its wealthy customers, Chief Marketing and Commercial Officer Enrico Galliera said in an interview with Reuters.

"Some [of our clients] are young investors who have built their fortunes around cryptocurrencies," Galliera said. "Some others are more traditional investors, who want to diversify their portfolios."

Ferrari will use crypto payments provider BitPay to process transactions in BTC$101,994.16, ether ETH$3,462.50 and stablecoin USD coin (USDC) in the initial rollout in the U.S.

"Dealers – and ultimately Ferrari – will receive payments in traditional currency and will not be managing cryptocurrencies directly," Ferrari told CoinDesk in an emailed statement. "The source of the cryptocurrencies will be proven and volatility risks associated with exchange rates will be eliminated."

Despite crypto's popularity as an investment tool, for major companies to accept it as method of payment remains rare. In February 2021, Elon Musk's electric-car company Tesla (TSLA) began accepting bitcoin payments but discontinued the service only three months later, citing environmental concerns over the electricity usage involved in bitcoin mining.

Read More: Chase U.K. to Block Crypto Payments Citing Fraud, Scams

UPDATE (Oct. 16, 13:30 UTC): Adds statement from Ferrari.