Ferrari is entering the cryptocurrency world with plans to launch a digital token that will allow its wealthiest fans to bid on one of its most iconic racing cars, the Ferrari 499P, a Le Mans-winning endurance model.
The Italian carmaker will issue the “Token Ferrari 499P” in partnership with fintech firm Conio, aimed exclusively at members of its Hyperclub, a private network of 100 elite clients with a passion for endurance racing, according to a Saturday report by Reuters.
“This is about strengthening the sense of belonging among our most loyal customers,” Enrico Galliera, Ferrari’s chief marketing and commercial officer, reportedly said.
Holders of the token will be able to trade among themselves and participate in exclusive auctions, including one for the 499P. The initiative is set to debut alongside the 2027 World Endurance Championship season.
Ferrari 499P. Source: WikimediaRelated: Tokenizing car reservations will open a trillion-dollar market
Ferrari expands crypto push
Ferrari has already shown its openness to crypto. In 2023, it began accepting Bitcoin (BTC), Ether (ETH) and USDC (USDC) as payment for car purchases in the United States before expanding the service to Europe last year.
However, Ferrari’s crypto payment tools do not require dealers to manage cryptocurrencies directly. Instead, customers’ cryptocurrencies are automatically converted into fiat currencies and sent directly to bank accounts.
Conio, which is applying for a license under the EU’s Markets in Crypto-Assets (MiCA) regulation, described the project as a milestone in luxury tokenization. “The potential for development is enormous,” said Davide Rallo, Conio’s chief fintech strategist.
Related: How to buy a car with Bitcoin (BTC) in 2025
Crypto millionaires surge 40% this year
Ferrari’s move comes amid a growing number of crypto millionaires, which has increased by 40% over the past year to 241,700, driven by Bitcoin’s rally and a broader market boom that pushed the total crypto market capitalization past $3.3 trillion by mid-2022.
The number of individuals holding over $100 million in crypto rose 38% to 450, while the count of crypto billionaires increased 29% to 36 this year.
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Source: https://cointelegraph.com/news/ferrari-digital-token-lets-fans-bid-on-le-mans-winning-car?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
