Ferrari, the Italian maker of luxury sports cars, has announced that it will accept cryptocurrency payments for its vehicles in the U.S. and soon in Europe, following requests from its wealthy customers.

The company said that it has partnered with BitPay, one of the largest cryptocurrency payment processors, to enable transactions in bitcoin, ether and USDC, a stablecoin pegged to the U.S. dollar.

Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera told Reuters that the decision was driven by market demand and dealer feedback, as many of its clients have invested in crypto.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”

Ferrari said that it will not charge any fees or surcharges for crypto payments, and that BitPay will immediately convert the virtual currencies into fiat money on behalf of Ferrari’s dealers, so they are protected from price volatility.

BitPay will also ensure that the crypto payments are compliant with anti-money laundering and tax regulations, Galliera said.

Ferrari is one of the few blue-chip companies that have embraced crypto as a means of payment, despite its notorious volatility and environmental impact.

Most companies have shunned crypto due to its unpredictability and high energy consumption. Tesla, the electric carmaker, briefly accepted bitcoin payments earlier this year, but reversed its decision after its CEO Elon Musk raised concerns about its carbon footprint.

Galliera said that Ferrari was aware of the environmental issues associated with crypto mining, but he said that cryptocurrencies have made efforts to reduce their emissions through new software and renewable energy sources.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said.

Ferrari sold more than 13,000 cars in 2022, with prices ranging from over 200,000 euros ($211,000) to 2 million euros. The company said that it has a strong order portfolio that is fully booked well into 2025, but it wanted to test the potential of crypto payments.

“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he said.

The company plans to extend the crypto scheme to Europe by the first quarter of next year and then to other regions where crypto is legally accepted. Europe, the Middle East and Africa (EMEA) is Ferrari’s largest market, accounting for 46% of its total car shipments in the first half of this year.

“Interest is the same in the U.S. and Europe, we don’t see huge differences,” Galliera said.

He added that most of its U.S. dealers have already signed up for the scheme or are about to do so.

“I am confident others will join soon,” he said.

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