Ferrari is making strides into the world of cryptocurrency by introducing a digital token tailored for its elite clientele. This initiative will enable them to bid on the legendary Ferrari 499P, a race car that achieved glory at Le Mans, during a limited auction scheduled for 2027.

The new token, branded as Token Ferrari 499P, is developed in collaboration with the fintech company Conio and is exclusively available to members of Ferrari’s Hyperclub, a select group of 100 racing enthusiasts. As stated in a report by Reuters, this move is designed to reinforce the community feeling among Ferrari’s most devoted customers.

“This is about strengthening the sense of belonging among our most loyal customers,” reportedly declared Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer.

Token holders will have the opportunity to swap tokens and join private auctions, including the one for the 499P, which coincides with the commencement of the 2027 World Endurance Championship season.

Ferrari 499P Ferrari 499P. Source: Wikimedia

Ferrari Broadens Its Crypto Engagement

Ferrari has previously demonstrated a willingness to engage with cryptocurrencies. In 2023, the brand began accepting Bitcoin (BTC), Ether (ETH), and USDC for car purchases in the United States, later extending this service to Europe last year. Notably, these payment solutions do not necessitate dealers to handle cryptocurrencies actively; instead, customer cryptocurrencies are automatically converted into fiat currency and transferred to bank accounts.

Conio, currently seeking a license in accordance with the EU’s Markets in Crypto-Assets (MiCA) regulations, characterizes this project as a landmark achievement in the realm of luxury tokenization. “The potential for development is enormous,” added Davide Rallo, Conio’s Chief Fintech Strategist.

Surge in Crypto Millionaires

Ferrari’s decision comes amidst a notable rise in the count of crypto millionaires, which has surged by 40% over the past year, reaching 241,700 individuals, fueled by a rally in Bitcoin prices and a broader market expansion that propelled the total cryptocurrency market cap past $3.3 trillion by mid-2022. The number of individuals possessing over $100 million in cryptocurrency grew by 38%, while the figure for crypto billionaires rose by 29% this year.