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Ferrari (NYSE:RACE) is racing into the cryptocurrency market in the hopes of attracting young tech entrepreneurs, according to Reuters.
The sports car brand is working with Italian fintech company Conio to launch the Token Ferrari 499P. The digital token will only be available to members of Ferrari’s Hyperclub, which Reuters says has 100 members, and is expected to launch at the start of the 2027 World Endurance Championship season.
It can be traded among Hyperclub members and used at an auction for a real-life Ferrari 499P, an endurance sports car that won three consecutive Le Mans titles.
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“This is about strengthening the sense of belonging among our most loyal customers,” Ferrari Chief Marketing and Commercial Officer Enrico Galliera told Reuters.
Conio must first get regulatory approval from the European Union before launching the token, Reuters reported.
“The potential for development is enormous,” Conio Chief Fintech Strategist and project architect Davide Rallo was quoted as saying.
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Conio has worked alongside U.S. fintech company Mesh to provide Italian citizens access to exchanges like Binance and Coinbase (NASDAQ:COIN), Reuters reported last year. The company earlier this year launched a partnership similar to their Ferrari venture with an Italian solar energy company, according to media reports.
This is not Ferrari’s first foray into the cryptocurrency world. It started accepting Bitcoin and other digital assets as payments for its cars in the U.S. in 2023, and in Europe last year.
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This article Ferrari Is Getting Into Crypto, But It Will Only Be Available To 100 People originally appeared on Benzinga.com
