The payment processor Ferrari is using in the U.S. will convert the payments into traditional currency for dealers, shielding them from crypto price swings.
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Ferrari is accepting cryptocurrency as payment for its models in the U.S. market and plans to start offering that option in Europe, according to a Reuters report.
Cryptocurrency hasn’t gained wide acceptance due to digital currencies’ volatility, inconsistent regulation of them, and the high energy consumption needed to power the computers behind the currencies, the news agency pointed out.
Some Ferrari customers have requested the option to use it in their vehicle purchases, though, and Ferrari has granted what may be a first in the auto retail industry. After it introduces the payment option in Europe, it plans to expand it to other regions where cryptocurrencies can be accepted by law, Reuters said.
The concession accommodates a wealthy clientele who can afford sticker prices ranging up to more than $2 million. Ferrari won’t charge an additional fee for payments in cryptocurrencies.
The luxury automaker’s marketing head told Reuters that most of its U.S. dealers have arranged to accept the payments or are close to doing so and that he’s “confident” the remaining ones will follow.
Reuters indicated the payment processor Ferrari is using in the U.S., BitPay, will convert the payments into traditional currency for dealers, shielding them from crypto price swings.
Originally posted on Auto Dealer Today
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