Ferrari is making strides into the cryptocurrency market with plans to introduce a digital token for its affluent fans, allowing them to bid on the famous Ferrari 499P, a vehicle recognized for winning at Le Mans.
The Italian automaker aims to issue the “Token Ferrari 499P” in collaboration with fintech company Conio, aimed exclusively at its Hyperclub, a private circle of 100 elite clients passionate about endurance racing, as reported by Reuters on Saturday.
“This is about reinforcing the feeling of community among our most dedicated customers,” reportedly stated Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer.
Token holders will be able to trade amongst themselves and have the opportunity to participate in exclusive auctions, including the one for the 499P. The token’s launch is strategized to coincide with the 2027 World Endurance Championship season.
Ferrari 499P
Ferrari 499P. Source: Wikimedia
Ferrari Broadens Crypto Initiatives
Ferrari has previously indicated its willingness to adopt cryptocurrency. In 2023, it started accepting Bitcoin (BTC), Ether (ETH), and USDC (USDC) as payment for car purchases in the United States before expanding the option to Europe last year.
However, Ferrari’s cryptocurrency payment infrastructure doesn’t necessitate dealers to manage digital currencies directly. Instead, clients’ cryptocurrencies are swiftly converted into fiat currencies and remitted directly to bank accounts.
Conio is in the process of acquiring a license under the EU’s Markets in Crypto-Assets (MiCA) regulation, highlighting the project as a significant milestone for luxury tokenization. “The opportunities for development are enormous,” stated Davide Rallo, Chief Fintech Strategist at Conio.
Surge in Crypto Millionaires
Ferrari’s initiative emerges during a period of exponential growth in crypto millionaires, which has surged by 40% over the last year, totaling 241,700, driven by a Bitcoin rally and a broader market escalation that saw total crypto market cap exceed $3.3 trillion by mid-2022.
The number of individuals possessing more than $100 million in cryptocurrency has increased by 38% to 450, while the count of crypto billionaires has climbed 29% to 36 this year.