The auto major announced its recent decision to start accepting payments in crypto in a bid to diversify for new clients who may opt to pay similarly.
Luxury auto major Ferrari is all set for payments in crypto, a development that could make ripples in the crypto space. The industry could do with a reputed company like Ferrari going for crypto payments, as it could also lead to broader crypto adoption.
According to reports that confirmed the news, Ferrari had received requests from several customers for the new payment method.
Enrico Galliera, a senior official of Ferrari, had echoed that the auto major was making attempts to reduce carbon footprints. It has been trying to do so with new technologies and renewable sources, he said. According to Galliera, they had aimed for carbon neutrality by 2030.
“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios,” he said, regarding the customers who requested payments in crypto.
The crypto strategy adopted by Ferrari would start in Europe in 2024 and spread to other regions. The market demand for such payments is also a positive sign for the industry. As wider crypto adoption leads to more investors making money with crypto trading, such instances will increase in the future.
Ferrari will also team up with a crypto payments processor for smooth conversions into fiat currency for their dealers. Although such payments are not new for corporations, they have encountered several problems earlier.
Environmental concerns, regulatory issues, and other reasons have become bottlenecks for the same. An auto major like Ferrari starting the new form of payments is, thus, a milestone for the industry.
If the move proves to be a win-win for both Ferrari and its customers, it could lead to better outcomes. Other businesses may also replicate it, benefitting the crypto industry.