Ferrari, the renowned Italian sports car manufacturer, has taken a pivotal step by allowing U.S. customers to purchase its luxury vehicles using cryptocurrency.

The decision to accommodate a new generation of digital asset investors comes amid increasing demands from dealers and consumers. The brand partners with BitPay to facilitate Bitcoin, Ether, and USDC transactions without added fees.

According to BNN Bloomberg, Ferrari plans to expand this payment scheme to Europe next year, likely within the first quarter of 2024. This plan was revealed the past weekend.

Crypto Payment Decision and Expansion Plans

Ferrari's chief marketing and commercial officer, Enrico Galliera, said they want to extend this settlement to countries legally accepting crypto. In any case, the sports car maker shared that it decided to accept crypto payments due to many requests from dealers and consumers. It was noted that these are the biggest factors in the decision since many of Ferrari's clients turned out to be crypto investors.

"Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios," Galliera said. "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."

Accepted Cryptocurrencies for Purchases

Ferrari reportedly uses BitPay as its crypto payment processor in the U.S. Currently, it allows transactions in USDC, Bitcoin (BTC), and Ether (ETH). One of the good things about this payment option is that the company accepts crypto without any fees or surcharges. Prices will remain intact as well, Bitcoin.com reported.

The Italian firm did not say how many units it expects to sell through its new mode of payment but mentioned that it is fully booked until 2025. Meanwhile, according to PYMNTS, Ferrari hopes the crypto payments will help it expand its customer base.

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