Ferrari is entering the world of cryptocurrencies with plans to launch a digital token that may allow its richest fans to bid on certainly one of its most famous racing cars, the Ferrari 499P, a Le Mans-winning endurance model.
According to a report by Reuters on Saturday, the Italian automaker will release the “Ferrari 499P token” in collaboration with fintech firm Conio, aimed exclusively at members of its Hyperclub, a non-public network of 100 elite customers with a passion for endurance racing.
“This is about strengthening the sense of belonging amongst our most loyal customers,” Enrico Galliera, Ferrari’s chief marketing and industrial officer, reportedly said.
Holders of the token can trade with one another and take part in exclusive auctions, including one for the 499P. The initiative is about to be introduced alongside the 2027 World Endurance Championship season.
Ferrari 499P. Source: Wikimedia
Ferrari expands crypto push
Ferrari has already shown its openness to crypto. In 2023, the corporate began accepting Bitcoin (BTC), Ether (ETH), and USDC (USDC) as payment for automotive purchases within the United States before expanding the service to Europe last 12 months.
However, Ferrari’s crypto payment tools don’t require merchants to oversee cryptocurrencies directly. Instead, customers' cryptocurrencies are routinely converted into fiat currencies and transferred on to bank accounts.
Conio, which is applying for a license under the EU Markets in Crypto Assets Regulation (MiCA), described the project as a milestone in luxury tokenization. “The development potential is gigantic,” said Davide Rallo, chief fintech strategist at Conio.
Crypto Millionaires Rise 40% This Year
Ferrari's move comes amid a growing variety of crypto millionaires, which has risen 40% to 241,700 over the past 12 months, fueled by Bitcoin's rally and a broader market boom that pushed the full crypto market cap to over $3.3 trillion by mid-2022.
The number of individuals owning over $100 million value of cryptocurrencies rose 38% to 450, while the variety of crypto billionaires rose 29% to 36 this 12 months.
