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Italian luxury carmaker Ferrari N.V. (NYSE:RACE) is planning to launch a new cryptocurrency that could be used in an auction for the Ferrari 499P, the endurance car that won three consecutive Le Mans titles, according to a report published Sunday.
Ferrari’s ‘Token Ferrari 499P’ is being developed in partnership with local fintech company Conio, Reuters reported. The token will be exclusively available to the Hyperclub members, a group of 100 elite Ferrari clients with a passion for endurance races.
The initiative is Ferrari’s latest move to tap into the growing trend among luxury brands to engage with the wealth of young tech entrepreneurs, who are increasingly shaping global investment and markets.
However, the token is not yet a reality. Conio, the company tasked with its development, is currently seeking a license under the European Union’s new cryptocurrency regulations. It is expected to debut with the start of the 2027 World Endurance Championship season.
Ferrari didn’t immediately return Benzinga’s request to confirm the news.
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Ferrari has tapped into cryptocurrency markets in the past.
Last year, it extended its cryptocurrency payment scheme to European dealerships, following a successful launch in the U.S. the previous year. The carmaker offered Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and USDC (CRYPTO: USDC) as payment options for its high-end vehicles.
Ferrari previously partnered with cryptocurrency payment processor BitPay for its U.S. operations.
Price Action: Ferrari shares rose 0.66% in pre-market trading after closing 1.36% higher at $408.31 during Friday’s regular trading session, according to data from Benzinga Pro.
RACE scores poorly in Benzinga’s Edge Stock Rankings, with an unfavorable price trend in the short, medium and long terms. To see how the stock ranks for Value, Growth, Momentum and other major indicators, click here.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
