Ferrari (NYSE: RACE) is venturing into the cryptocurrency market to attract young tech entrepreneurs, as reported by Reuters. The brand is collaborating with Italian fintech company Conio to launch the Token Ferrari 499P, exclusive to its Hyperclub members. The digital token will debut during the 2027 World Endurance Championship season for trading and auctioning a real Ferrari 499P. Conio must secure European Union regulatory approval before launch, with Chief Fintech Strategist Davide Rallo expressing vast development potential.

Ferrari aims to enhance customer loyalty through the token, as stated by Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera. Conio, in partnership with U.S. fintech company Mesh, has enabled Italian citizens to access exchanges like Binance and Coinbase and previously collaborated with an Italian solar energy company. Ferrari has been accepting Bitcoin and other digital assets as payments for cars in the U.S. since 2023 and in Europe since last year.

Read more at Yahoo Finance: Ferrari Is Getting Into Crypto, But It Will Only Be Available To 100 People