{"id":35915,"date":"2023-10-18T18:26:28","date_gmt":"2023-10-18T18:26:28","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/ferrari-to-accept-crypto-as-payment-for-its-cars-in-the-us"},"modified":"2023-10-18T18:46:42","modified_gmt":"2023-10-18T18:46:42","slug":"ferrari-to-accept-crypto-as-payment-for-its-cars-in-the-us","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/ferrari-to-accept-crypto-as-payment-for-its-cars-in-the-us","title":{"rendered":"Ferrari to accept crypto as payment for its cars in the US"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Ferrari (RACE. MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U. S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.<\/p>\n

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.<\/p>\n

Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment. These include electric carmaker Tesla (TSLA. O), which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.<\/p>\n

Ferrari\u2019s Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.<\/p>\n

\u201cOur target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,\u201d he said in an interview.<\/p>\n

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto. \u201cSome are young investors who have built their fortunes around cryptocurrencies,\u201d he said.<\/p>\n

\u201cSome others are more traditional investors, who want to diversify their portfolios.
\nWhile some cryptocurrencies, such as the second-largest, ether , have improved their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining.<\/p>\n

Ferrari shipped more than 1,800 cars to its Americas region, which includes the U. S. , in the first half of this year. Galliera did not say how many cars Ferrari expected to sell through crypto.<\/p>\n

He said the company\u2019s order portfolio was strong and fully booked well into 2025, but the company wanted to test this expanding universe. \u201cThis will help us connect to people who are not necessarily our clients but might afford a Ferrari,\u201d he said.<\/p>\n

The Italian company, which sold 13,200 cars in 2022, with prices starting at over 200,000 euros ($211,000) and going up to 2 million euros, plans to extend the crypto scheme to Europe by the first quarter of next year and then to other regions where crypto is legally accepted.<\/p>\n

Europe, the Middle East and Africa (EMEA) is Ferrari\u2019s largest region, accounting for 46% of its total car shipments in the first half of this year. \u201cInterest is the same in the U.<\/p>\n

S. and Europe, we don\u2019t see huge differences,\u201d Galliera said. Countries where cryptocurrencies are restricted include China. Ferrari has turned to one of the biggest cryptocurrency payment processors, BitPay, for the initial phase in the U.S. , and will allow transactions in bitcoin, ether and USDC, one of the largest so-called stablecoins. Ferrari might use other payment processors in different regions.<\/p>\n

\u201cPrices will not change, no fees, no surcharges if you pay through cryptocurrencies,\u201d Galliera said.<\/p>\n

Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari\u2019s dealers, so they are protected from price swings.<\/p>\n

\u201cThis was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,\u201d Galliera said.<\/p>\n

As the payment processor, BitPay will ensure that the virtual currencies come from legitimate sources and not derived from criminal activity or to be used to launder the proceeds of crime or evade tax.<\/p>\n

Ferrari\u2019s marketing and commercial chief said that the majority of its U. S. dealers have already signed up, or are about to agree, to the scheme \u201cI am confident others will join soon,\u201d Galliera said.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Ferrari (RACE. MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U. S. 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 […]<\/p>\n","protected":false},"author":84,"featured_media":35914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,2573,241],"class_list":["post-35915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-ferrari","tag-mauritius"],"yoast_head":"\nFerrari to accept crypto as payment for its cars in the US - Mauritius<\/title>\n<meta name=\"description\" content=\"Ferrari (RACE. 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