Ferrari to start accepting cryptocurrency as payment for its supercars in the USA

RahulNagaraj · 16th October 2023, 15:10

According to a media report, Ferrari has started accepting cryptocurrency as payment for its supercars in the USA. The Italian supercar brand also confirmed that the new payment scheme will extend to Europe sometime during the first quarter of next year before being introduced in other markets as well.

Ferrari to start accepting cryptocurrency as payment for its supercars in the USA-ferraripurosangue1.jpg

The decision towards accepting cryptocurrency as payment is said to have come based on requests from the market & dealers since most of its clients have invested in crypto. Enrico Galliera, Chief Marketing & Commercial Officer, Ferrari, stated in an interview, "Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios."

Ferrari has shipped more than 1,800 cars to America in the first half of the year. While Galliera didn't state any expected sales number from crypto, he did mention that the brand's portfolio is fully booked well into 2025. Galliera mentioned, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."

For the cryptocurrency payment processors, Ferrari has partnered with BitPay for the initial phase in the USA. The Italian supercar brand will accept payment via Bitcoin, Ether & USDC. BitPay will also help Ferrari ensure that the virtual currencies being accepted come from legitimate sources and are not derived from any criminal activity.

Source: Reuters

Link to Team-BHP news

Jeroen · 17th October 2023, 15:34

Bitpay has already been in hot waters for money laundering and not adhering to appropriate international sanction rulings and so on.

https://ofac.treasury.gov/recent-actions/20210218

Not saying regular banks have not been involved. But it remains a fact that the bitcoin world is even far less regulated and controlled than the current/classic financial and banking world.

Anybody care to take a stab at how many Ferraris are being bought with money obtained in some kind of fraudulent way?

It’s even worse when it comes to classic cars! Lots of people using illegal gains to buy the !

Jeroen

PreludeSH · 17th October 2023, 16:12

Had to check the date of the OP ! With the value of crypto currency having deflated so high, wouldn't it result in loss if Ferrari holds on to the crypto coins ?
Or are the coins used just to transfer actual money from one point to another ?

16th October 2023, 15:10	#1
RahulNagaraj Senior - BHPian Join Date: Mar 2021 Location: Bangalore Posts: 2,257 Thanked: 21,739 Times	Ferrari to start accepting cryptocurrency as payment for its supercars in the USA According to a media report, Ferrari has started accepting cryptocurrency as payment for its supercars in the USA. The Italian supercar brand also confirmed that the new payment scheme will extend to Europe sometime during the first quarter of next year before being introduced in other markets as well. The decision towards accepting cryptocurrency as payment is said to have come based on requests from the market & dealers since most of its clients have invested in crypto. Enrico Galliera, Chief Marketing & Commercial Officer, Ferrari, stated in an interview, "Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios." Ferrari has shipped more than 1,800 cars to America in the first half of the year. While Galliera didn't state any expected sales number from crypto, he did mention that the brand's portfolio is fully booked well into 2025. Galliera mentioned, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari." For the cryptocurrency payment processors, Ferrari has partnered with BitPay for the initial phase in the USA. The Italian supercar brand will accept payment via Bitcoin, Ether & USDC. BitPay will also help Ferrari ensure that the virtual currencies being accepted come from legitimate sources and are not derived from any criminal activity. Source: Reuters Link to Team-BHP news
	(2) Thanks

17th October 2023, 15:34	#2
Jeroen Distinguished - BHPian Join Date: Oct 2012 Location: Delhi Posts: 8,275 Thanked: 52,869 Times View My Garage	Re: Ferrari to start accepting cryptocurrency as payment for its supercars in the USA Bitpay has already been in hot waters for money laundering and not adhering to appropriate international sanction rulings and so on. https://ofac.treasury.gov/recent-actions/20210218 Not saying regular banks have not been involved. But it remains a fact that the bitcoin world is even far less regulated and controlled than the current/classic financial and banking world. Anybody care to take a stab at how many Ferraris are being bought with money obtained in some kind of fraudulent way? It’s even worse when it comes to classic cars! Lots of people using illegal gains to buy the ! Jeroen Last edited by Jeroen : 17th October 2023 at 15:37.
	(1) Thanks

17th October 2023, 16:12	#3
PreludeSH BHPian Join Date: Oct 2021 Location: Bengaluru Posts: 644 Thanked: 1,399 Times	Re: Ferrari to start accepting cryptocurrency as payment for its supercars in the USA Had to check the date of the OP ! With the value of crypto currency having deflated so high, wouldn't it result in loss if Ferrari holds on to the crypto coins ? Or are the coins used just to transfer actual money from one point to another ?
	() Thanks