Italian luxury carmaker Ferrari has started accepting cryptocurrency payments, including Bitcoin and Ethereum, in the U.S. with plans for a European expansion. Enrico Galliera, Ferrari’s CMO, cites a growing demand from crypto investors and traditional clients looking to diversify their portfolios.

In a groundbreaking move, Ferrari, the iconic Italian luxury sports car manufacturer, has opened its doors to cryptocurrency payments in the United States. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed that this bold decision comes in response to mounting demand from both crypto-savvy investors and traditional clients seeking diversification opportunities.

The company has partnered with Bitpay, a prominent cryptocurrency payment processor, to facilitate these transactions. Initially, Ferrari will accept payments in Bitcoin (BTC), Ethereum (ETH), and the stablecoin USDC. Galliera stressed that this new payment option won’t impact pricing, ensuring no additional fees or surcharges for crypto payments.

This forward-looking move is not limited to the U.S.; Ferrari intends to extend its cryptocurrency payment acceptance to Europe in the first quarter of the coming year. The luxury carmaker’s primary market is the Europe, Middle East, and Africa (EMEA) region, which comprised 46% of its total car shipments in the first half of this year. Evidently, the allure of cryptocurrencies as a means of payment has captivated both sides of the Atlantic, marking a pivotal moment in the automotive industry.