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Ferrari will now let you pay for your new car with crypto, and the brand is expanding the service to Europe at the request of wealthy customers
So news out of its Maranello headquarters that the Italian manufacturer now accepts cryptocurrencies as payment for its vehicles makes the announcement that much more unusual—not even Elon Musk’s Tesla offers that option.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” the company’s sales chief, Enrico Galliera, told Reuters in an interview published on Saturday.
In order to avoid being hit by volatile swings in the price of Bitcoin’s BTC and Ethereum’s ETH—two of the three currencies it will accept alongside Circle’s USDC stablecoin—it will offload the risk to BitPay, a major provider of crypto payment services.
That way Ferrari avoids having to hold tokens on its own balance sheet, exposing its investors to crypto market risks like those emanating from last year’s collapse of Terraluna, Celsius, 3AC and most importantly FTX.
“This was one of our main goals: avoiding, both [for] our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera told the news agency.
Read More: https://fortune.com/2023/10/16/cryptocurrency-ferrari-cars-elon-musk-tesla-bitcoin-btc-eth-usdc/
So news out of its Maranello headquarters that the Italian manufacturer now accepts cryptocurrencies as payment for its vehicles makes the announcement that much more unusual—not even Elon Musk’s Tesla offers that option.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” the company’s sales chief, Enrico Galliera, told Reuters in an interview published on Saturday.
In order to avoid being hit by volatile swings in the price of Bitcoin’s BTC and Ethereum’s ETH—two of the three currencies it will accept alongside Circle’s USDC stablecoin—it will offload the risk to BitPay, a major provider of crypto payment services.
That way Ferrari avoids having to hold tokens on its own balance sheet, exposing its investors to crypto market risks like those emanating from last year’s collapse of Terraluna, Celsius, 3AC and most importantly FTX.
“This was one of our main goals: avoiding, both [for] our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera told the news agency.
Read More: https://fortune.com/2023/10/16/cryptocurrency-ferrari-cars-elon-musk-tesla-bitcoin-btc-eth-usdc/
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