Ferrari accepts cryptocurrencies as payment method

American customers will be able to buy Ferrari's Italian luxury cars with cryptocurrencies in the future. An expansion to Europe will follow.

Italian luxury car manufacturer Ferrari will accept cryptocurrencies as a means of payment in the future. This has the marketing and sales director, Enrico Galliera, disclosed to Reuters news agency.

Currently, the following are activated: Bitcoin (BTC), Ethereum (ETH) and the stablecoin USDC. The American company Bitpay will handle payment processing. According to Ferrari, there will be no additional fees or surcharges.

Galliera said the decision was in response to growing demand from the market and from merchants whose customers are often in cryptocurrencies invested. "Some are young investors who have built their wealth with cryptocurrencies," he said. "Others are more traditional investors looking to diversify their portfolio."

The service is currently limited to the U.S. only. He said an expansion to the European region is currently in the works, but with a different payment partner.

In the US, Ferrari is the only one with this offer. Most car manufacturers are still holding back on accepting cryptocurrencies.

Like Tesla, for example: in February 2021, Elon Musk's company invested in Bitcoin for the first time and soon after accepted the cryptocurrency as a means of payment. A few months later, however, the e-car manufacturer discontinued the service due to "climate concerns."