Ferrari is entering the cryptocurrency world, planning to launch a digital token that will allow its wealthiest fans to bid on one of its most iconic race cars—the Ferrari 499P, a Le Mans champion endurance racing model.
According to a report by Reuters on Saturday, the Italian automaker will collaborate with fintech company Conio to issue the "Token Ferrari 499P," specifically targeting its Hyperclub members, a private network of 100 elite customers who are passionate about endurance racing.
"This is to strengthen the sense of belonging among our most loyal customers," Ferrari's Chief Marketing and Commercial Officer Enrico Galliera reportedly stated.
Token holders will be able to trade with each other and participate in exclusive auctions, including the auction for the 499P. The initiative will launch alongside the 2027 World Endurance Championship season.
Ferrari has already shown an open attitude towards cryptocurrency. In 2023, the company began accepting Bitcoin (BTC), Ethereum (ETH), and USDC as payment for car purchases in the United States, expanding this service to Europe last year.
However, Ferrari's cryptocurrency payment tool does not require dealers to directly manage cryptocurrencies. Instead, customers' cryptocurrencies are automatically converted into fiat currency and sent directly to their bank accounts.
Conio, which is applying for regulatory approval under the EU's Markets in Crypto-Assets (MiCA), described the project as a milestone in luxury goods tokenization. "The growth potential is enormous," said Davide Rallo, Conio's Chief Fintech Strategist.
Ferrari's initiative comes at a time when the number of cryptocurrency millionaires is on the rise, having increased by 40% over the past year to 241,700 individuals, driven by a surge in Bitcoin and a broader market boom, with the total cryptocurrency market cap surpassing $3.3 trillion in mid-2022.
The number of individuals holding over $100 million in cryptocurrency has grown by 38% to 450, while the number of cryptocurrency billionaires has increased by 29% this year to 36.
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Original article: “Ferrari to Launch Digital Token for Fans to Bid on Le Mans Winning Car”
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