Ferrari is set to launch a digital token, “Token Ferrari 499P,” for exclusive use by its elite Hyperclub members. This token will allow holders to trade and participate in auctions, including one for the iconic Ferrari 499P, coinciding with the 2027 World Endurance Championship season.

In a bid to strengthen customer loyalty, Ferrari has embraced cryptocurrency, accepting Bitcoin, Ether, and USDC as payment for car purchases in the US and Europe. This move does not require dealers to handle cryptocurrencies directly, as they are automatically converted to fiat currencies and sent to bank accounts.

Conio, Ferrari’s fintech partner for the token project, sees this as a significant milestone in luxury tokenization. With potential for enormous development, the company is applying for a license under the EU’s Markets in Crypto-Assets (MiCA) regulation to facilitate the initiative.

The surge in crypto millionaires by 40% this year to 241,700 individuals has been driven by Bitcoin’s rally and a booming market that pushed total crypto market capitalization past $3.3 trillion. The number of individuals holding over $100 million in crypto increased by 38% to 450, while the count of crypto billionaires rose by 29% to 36.

Read more at Cointelegraph: Ferrari to Launch Digital Token for Fans to Bid on Le Mans-Winning 499P