Ferrari to Start Accepting Crypto Payments in U.S: Reuters

Ferrari (RACE) will start accepting cryptocurrency as a payment method in the U.S., according to a report by Reuters on Saturday.

The Maranello, Italy-based luxury sports car manufacturer will subsequently extend the scheme to Europe in response to demand from its wealthy customers, Reuters reported, citing Chief Marketing and Commercial Officer Enrico Galliera.

Ferrari will use crypto payments provider BitPay to process transactions in bitcoin (BTC), ether (ETH) and stablecoin USD coin (USDC) in the initial rollout in the U.S.

“Some of our clients are young investors who have built their fortunes around cryptocurrencies,” Galliera said. “Some others are more traditional investors, who want to diversify their portfolios.”

Despite crypto’s popularity as an investment tool, for major companies to accept it as method of payment remains rare. In February 2021, Elon Musk’s electric-car company Tesla (TSLA) began accepting bitcoin payments but discontinued the service only three months later, citing environmental concerns over the electricity usage involved in bitcoin mining.

Neither Ferrari nor BitPay immediately responded to CoinDesk’s request for comment.