Ferrari to Accept Crypto as Payment for Its Cars in the US

Ferrari 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, according to its marketing and commercial chief, Enrico Galliera.

Enrico Galliera said 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."

While some cryptocurrencies, such as the second-largest, ether, have improved their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining.

The Italian company 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.

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.

(Source: Reuters)