Ferrari is venturing into the cryptocurrency world with plans to launch a digital token. This token will enable its wealthiest fans to bid on one of its most iconic racing cars, the Ferrari 499P, a celebrated Le Mans-winning endurance model.
The Italian car manufacturer will issue the "Token Ferrari 499P" in collaboration with the fintech firm Conio. This initiative is specifically designed for members of its Hyperclub, a private network comprising 100 elite clients who share a passion for endurance racing, as reported by Reuters on Saturday.
Enrico Galliera, Ferrari’s chief marketing and commercial officer, reportedly stated that the objective is to "strengthen the sense of belonging among our most loyal customers."
Holders of the token will have the ability to trade among themselves and participate in exclusive auctions, including one for the highly anticipated 499P. This new initiative is scheduled to debut alongside the 2027 World Endurance Championship season.
Ferrari's Expanding Engagement with Crypto
Ferrari has previously demonstrated its openness to cryptocurrency. In 2023, the company began accepting Bitcoin (BTC), Ether (ETH), and USDC as payment for car purchases in the United States. This service was subsequently expanded to Europe last year.
It is important to note that Ferrari's crypto payment system does not require dealers to manage cryptocurrencies directly. Instead, customer cryptocurrencies are automatically converted into fiat currencies and then transferred directly to bank accounts.
Conio, which is in the process of applying for a license under the EU’s Markets in Crypto-Assets (MiCA) regulation, has described this project as a significant milestone in the tokenization of luxury goods. Davide Rallo, Conio’s chief fintech strategist, commented that "The potential for development is enormous."
Surge in Crypto Millionaires
Ferrari's latest move occurs amidst a notable increase in the number of crypto millionaires. This figure has risen by 40% over the past year, reaching 241,700 individuals. This growth has been propelled by Bitcoin’s strong performance and a broader market boom that saw the total cryptocurrency market capitalization surpass $3.3 trillion by mid-2022.
The number of individuals holding over $100 million in cryptocurrency saw a 38% increase, reaching 450. Furthermore, the count of crypto billionaires grew by 29%, totaling 36 this year.