Ferrari to accept crypto payment for its cars

Decision comes in response to requests from market, dealers

MILAN:

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the US and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.

Ferrari Chief Marketing and Commercial Officer Enrico Galliera told Reuters that cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

“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.”

Published in The Express Tribune, October 15^th, 2023.

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