Ferrari starts paying with crypto-currencies

Ferrari begins to accept payments at Bitcoin and Ethereum at US and plans to do the same in Europe. The Italian manufacturer from sports cars working with fintech Bitpay to convert cryptos.

Ferrari began allowing its customers to pay in crypto-currencies in the United States for vehicle purchases, reported Reuters on Saturday, stating that the addition of this new payment method followed strong customer demand.

The famous carmaker also plans to offer this option in other parts of the world where crypto payments are not banned, including Europe in the first quarter of 2024.

Ferrari collaborates with BitPay to process transactions. The American crypto payment processor converts digital coins directly into fiat currency for the company.

The prancing horse brand currently accepts payments in Bitcoin, Ethereum and USDC, Circle’s stablecoin. It does not charge additional fees for customers opting for this payment method.

Ferrari’s marketing director said on Reuters that most of its US dealers had agreed, or were in the process of agreeing, to this new initiative.

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In 2021, Tesla adopted the Bitcoin payment but the electric car manufacturer was quick to backtrack, citing the high energy consumption of the cryptocurrency queen.

According to a Ferrari spokesperson, the crypto projects have since worked to reduce their carbon footprint, notably through new software and wider use of renewable sources.

“Our goal of achieving carbon neutrality by 2030 throughout our value chain is absolutely confirmed,” he said.

Ethereum abandoned Proof-of-Work for Proof-of-Stake with The Merge in autumn 2022, drastically reducing its energy consumption. Bitcoinwhich still operates on a PoW system, is still the subject of criticism today, although the network’s miners seem to be increasingly turning to green energy sources.

By the end of 2021, Ferrari had forged a partnership with Switzerland’s Velas Network involving the creation of digital content via NFT technology.

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