Ferrari To Accept Crypto Payments From US Customers

Popular luxury car brand Ferrari has announced its decision to accept cryptocurrency, a digital form of money, as a mode of payment for its luxury cars in the US.

Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, Friday told Reuters in an interview that the company's latest move is in line with the growing number of its wealthy American customers preferring payment in Bitcoin, Ether, XRP etc.

"Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios”, Galliera told Reuters.

Ferrari is one of the biggest luxury car manufacturers in the world with a huge customer base in the US.

Galleria also told Reuters that plans are afoot for crypto payment in Europe, adding that the company's overall plan to accept crypto payment is a strategic part of its 2030 carbon neutrality agenda.

To satisfy its American customers' demand and address crypto price swings, Ferrari has struck a deal with BitPay, a crypto payment processor, which will ensure a quick crypto-fiat conversion on its platform.

How Will Ferrari's New Crypto Payment Option Affect The Crypto Industry?

At a time when there is rampant skepticism over crypto's place in commerce, Ferrari's move can be described as groundbreaking. But will it have a far-reaching implication for the entire industry?

On-Chain could confirm that the crypto industry currently faces widespread stigmatization stemming not only from crypto's image problem but also from the difficulties in building a sustainable payment infrastructure on top of it.