Ferrari Accepts Cryptocurrency for Payments in US: Here are 5 Other Brands Which Already Do Ferrari is not the only player willing to open its arms to the crypto crowd. Over the past few years, other companies and brands have also hopped on to this bandwagon.
By Paromita Gupta •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In a first, Ferrari, an Italian luxury sports car manufacturer, has announced that it will now be accepting cryptocurrency for the purchase of its sports cars in the US. The automobile manufacturers will also begin offering this option to its European clientele following requests from its wealthy customers.
"Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios," shared Enrico Galliera, Chief Marketing and Commercial Officer, Ferrari with Reuters.
A Ferrari car ranges from over 200,000 euros (USD 211,000) and going up to EURO two million. The company reported sold 13,200 cars in 2022 and over 1,800 cars in America region, including the U.S. Galliera further notified that payment in crypto will not attract any price change but will have no fees and no surcharges.
Bitpay, a bitcoin payment service provider, will be converting crypto to fiat currency for Ferrari.
However, Ferrari is not the only player willing to open its arms to the crypto crowd. Over the past few years, other companies and brands have also hopped on to this bandwagon.
Here are five other brands who are accepting crypto in the US-
1. Gucci
The high-end Italian fashion brand became the first major brand to accept payments in over ten cryptocurrencies in 2022, including Bitcoin, Ethereum, Shiba Inu, ApeCoin, Dogecoin, and five stablecoins pegged to the US dollar.
The first few outlets which began accepting crypto were Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas.
2. TAGHeuer
The Swiss luxury watch brand in 2022 announced it would be accepting crypto payments for online purchases. Reportedly, it is said to accept payments in 12 cryptocurrencies including Bitcoin, Ethereum, Shiba Inu and five USD-pegged stablecoins, BUSD, DAI, GUSD, USDC, and USDP.
3. Balenciaga
Accepting bitcoin and other cryptocurrencies as payment in store and online, Balenciaga quickly followed Gucci and TAGHeuer in the space.
Madison Avenue in New York and Rodeo Drive in Beverly Hills became the first stores to accept the alternate currency.
4. Ralph Lauren
In April, Ralph Lauren, American fashion house, began accepting cryptocurrency and gift NFTs at its Miami Design District Store in association with Bitpay. The outlet reportedly accepts Bitcoin, Ethereum and Polygon.
The RL outlet would provide refunds in cryptocurrency as well. It will equal the total dollar amount of the returned purchase.
5. Tesla
The Elon Musk automotive and clean energy company tested out briefly accepting Bitcoin in 2021 and paused its acceptence citing environmental concerns. Tesla began accepting Dogecoin in 2022. And at present, according to the official website, Tesla "only accepts Dogecoin."
"Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use
