Luxury sports car manufacturer Ferrari has announced that it will now accept cryptocurrency payments for its vehicles in the U.S., with plans to expand the service to Europe. This move comes in response to demand from wealthy clients and follows the hesitation of other prominent companies to accept cryptocurrency due to its volatility and regulatory complexities. Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, highlighted the efforts of the crypto industry to minimize its carbon footprint as a reason for embracing crypto payments. The company aims to reach carbon neutrality by 2030 and sees accepting cryptocurrency as a strategy to engage with potential clients who can afford a Ferrari. Ferrari has partnered with BitPay, one of the largest cryptocurrency payment processors, for its initial U.S. operations. Transactions can be made in Bitcoin, Ether, and USDC, with BitPay converting the cryptocurrency payments into traditional currency to safeguard against price volatility. Ferrari sold 13,200 cars in 2022 and plans to implement its crypto payment scheme in Europe by the first quarter of next year. This move by Ferrari reflects the increasing influence and acceptance of digital currencies in various sectors.

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Information	Details
Geography	Europe
Countries	🇺🇸
Sentiment	positive
Relevance Score	1
People	Enrico Galliera
Companies	Reuters, BitPay, Tesla, Ferrari, Enrico Galliera
Currencies	USDC, Lido Staked Ether, Bitcoin
Securities	None