FILE PHOTO: A Ferrari logo is being installed on a Ferrari car at Ferrari's new 'e-building' facility where the luxury sportscar maker is testing lines before an expected start of car production in early 2025, in Maranello, Italy, June 21, 2024. REUTERS/Daniele Mascolo/File Photo
MILAN (Reuters) -Ferrari is tapping into crypto markets and tech-rich youngsters with a planned new digital token that its wealthiest fans will be able to use in an auction for a Ferrari 499P, the endurance car that won three straight Le Mans titles.
The plan for now is limited in scope and is an effort by the Italian sports car makerto tap into a trend among luxury brands seeking access to the growing wealth of younger tech entrepreneurs, as AI and data centres drive investment and markets around the world.
It comes after Ferrari, which is also developing its first electric car, began accepting Bitcoin, ethereum and USDC for car purchases in the United States in 2023 and extended the service to Europe last year.
Ferrari is working with Italian fintech Conio to launch the 'Token Ferrari 499P' for members of its Hyperclub — which groups 100 of its most exclusive clients, with a passion for endurance races - to trade amongst themselves and bid on the racing model.
It is set to debut with the start of the 2027 World Endurance Championship season.
"This is about strengthening the sense of belonging among our most loyal customers," Chief Marketing and Commercial Officer Enrico Galliera told Reuters.
With prominent backers including U.S. President Donald Trump, crypto prices have surged, but regulators warn loose oversight and speculative trading creates risks for investors and financial stability. Bitcoin is up 60% in the last year.
The token will still take time to become a reality. Conio is applying for a licence under the European Union's new crypto regulation, but sees room for growth.
"The potential for development is enormous," said Conio's Chief Fintech Strategist and project architect Davide Rallo.
(Reporting by Giulio Piovaccari in Milan, additional reporting by Elizabeth Howcroft in Paris; Editing by Adam Jourdan and Chizu Nomiyama)
