A surprising move by Ferrari
Ferrari is one of the most exclusive brands in the world, which means it gets to choose which customers get the keys to their luxury sports car. So the news from the headquarters in Maranello that the Italian manufacturer now accepts cryptocurrencies as payment for its vehicles is very surprising. Even Elon Musk’s Tesla does not offer this option.
“It will help us connect with people who are not necessarily our clients but can afford a Ferrari,” said the company’s head of sales, Enrico Galliera. Specifically, customers will be able to pay for the new Ferrari with cryptocurrencies such as Bitcoin, Ethereum and Circle. The firm will shift the risk to BitPay, a major provider of crypto payment services.
Akcie Ferrari thus avoids having to hold tokens on its own balance sheet and expose its investors to crypto market risks such as those stemming from last year’s collapse of Terraluna, Celsius, 3AC and especially FTX. “This was one of our main goals, to avoid, both for our dealers and for us, direct handling of cryptocurrencies and to be protected from their big fluctuations,” Galliera told the news agency.
Due to the anonymity provided by digital wallets, BitPay ensures that payments are not illegally obtained through money laundering for the purposes of organized crime or tax evasion. Galliera said the decision, which resulted from dealer and customer requests, will initially be limited to the US market, but plans to add Europe early next year.
Ferrari is synonymous with speed and performance and is always looking for ways to improve the performance of its cars. One of the main innovations was the introduction of hybrid models. Ferrari signed up for the electrification of its cars with the LaFerrari model, which was the brand’s first mass-produced hybrid supercar. This step towards electrification allows Ferrari to combine the power of an internal combustion engine with an electric motor, which significantly increases performance while reducing emissions.
Design and materials
Ferrari also focuses on innovations in design and materials. In recent years, manufacturing processes have started to include more carbon fiber and lightweight materials, which helps reduce the weight of cars and improves their performance. New models such as the Ferrari SF90 Stradale use this technology to reduce weight and increase chassis stiffness.
Impact on the environment
Innovations also concern the impact on the environment. Ferrari tries to reduce the emissions of its cars while maintaining the performance for which it is known. Models like the Ferrari SF90 Stradale Hybrid have a powerful hybrid drive that allows the vehicle to run on electric power and reduce CO2 emissions. This is an important step towards a more sustainable future for the automotive industry.
Connectivity and technology
Modern cars are increasingly connected to their surroundings, and Ferrari is no exception. Cars of this brand now include top infotainment systems, advanced navigation and safety technologies. All this is included in the luxurious interior, which is becoming more and more digital and technologically advanced.
Expansion of the model range
Ferrari is also focusing on expanding its model range. In addition to classic supercars such as the Ferrari 488 GTB or the Ferrari F8 Tributo, the brand also introduced a new SUV called the Ferrari Purosangue, which is its first SUV in history. This expansion of the model range allows the brand to attract a wider range of customers and increase its sales.
Ferrari is synonymous with exclusivity and luxury, and its innovations in recent years show that this brand is still at the forefront of the automotive industry. With hybrid technologies, improved design, sustainable initiatives and the expansion of its model range, Ferrari is ready to face the challenges of the future while maintaining its position as an icon of the automotive world.
Tesla tried something similar, but failed
Akcie Tesla briefly tried to introduce the option to pay for its cars in BTC in early 2021, but that effort only lasted a few weeks. CEO Elon Musk subsequently canceled the offer, citing two factors. The voracious amount of energy that the Bitcoin blockchain consumes to power the computationally intensive consensus mechanism known as Proof of Work.
Ferrari officials did not disclose how many cars they expect to sell through cryptocurrency. Every luxury brand needs to constantly rejuvenate its image. This is especially true among younger consumers disillusioned with traditional finance, known as “TradFi”. Instead, they turned to decentralized finance, or “DeFi,” such as cryptocurrencies and other blockchain-based goods, as a more attractive alternative.