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Ferrari N.V. will begin to accept cryptocurrency payments from customers in Europe and the U.S. Ferrari Chief Marketing and Commercial officer Enrico Galliera confirmed the decision in an interview with Reuters.
Ferrari’s (NYSE:RACE) plan to accept cryptocurrency payments was noted to be prompted by market demand and dealer requests. The Italian automaker thinks the initiative will help the brand connect with people who are not necessarily clients, but might afford a Ferrari. “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors who want to diversify their portfolios,” stated Galliera.
Ferrari (RACE) does not plan to add surcharges or additional fees for cryptocurrency payments. The crypto payments will be processed through BitPay in the U.S., and potentially other processors in different regions. Ferrari (RACE) customers will be able to snap up the luxury vehicles through Bitcoin (BTC-USD), Ethereum (ETH-USD), USCoin USD (OTC:USDC), and other stablecoins – which makes the company stand apart in the auto sector. Tesla (TSLA) accepts only Dogecoin (DOGE-USD).
Ferrari (RACE) reported that shipments for Q2 totaled 3,392 units, which was down 63 units versus the prior year. EMEA shipments increased by 17.3%, while Americas shipments dropped 17.5%. Shipments to Mainland China, Hong Kong and Taiwan were in line with the prior year’s level, while the rest of the APAC region saw shipments drop by 15.6%. Revenue was up 14% during the quarter to €1.47B. Ferrari (RACE) is expected to post its Q3 earnings during the first week of November.
Shares of Ferrari (RACE) are up 44.9% on a year-to-date basis to rank 7th out of the 34 publicly-traded automobile manufacturing stocks. Bitcoin (BTC-USD) has traded flat over the last 24 hours to land at $26,860, while Ethereum (ETH-USD) is down 0.15% to $1,547.77.
