Ferrari Expands Cryptocurrency Payment Option to European Dealers

KEYTAKEAWAYS

Ferrari to accept cryptocurrency payments in Europe from late July 2024.
Global expansion planned for countries where cryptocurrencies are legal by end of 2024.

TABLE OF CONTENTS

KEY TAKEAWAYS
DISCLAIMER
WRITER’S INTRO

CONTENT

Luxury automaker extends crypto acceptance from US to Europe, with plans for global rollout by end of 2024. Move aims to meet evolving customer needs and follows successful US launch.

Ferrari, the renowned Italian luxury sports car manufacturer, announced on Wednesday its plans to extend its cryptocurrency payment system to its European dealer network by the end of July 2024. This move follows the successful implementation of the scheme in the United States last year.

> Also read:

The company aims to further expand this payment option to other dealers in its international network by the end of 2024, focusing on countries where cryptocurrencies are legally accepted. This strategic decision is part of Ferrari’s efforts to address the evolving needs of its affluent clientele.

“The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients,” Ferrari stated. The company also noted that most of its dealers in Europe have already adopted or are in the process of adopting the new payment system.

Ferrari’s embrace of cryptocurrency payments sets it apart from many blue-chip companies that have been hesitant to accept digital currencies due to their volatility. For its US launch, Ferrari partnered with BitPay, a leading cryptocurrency payment processor, allowing transactions in bitcoin, ether, and USDC.

To protect dealers from price fluctuations, BitPay immediately converts cryptocurrency payments into traditional currency. This system also ensures that clients incur no additional fees or surcharges when using cryptocurrencies.

While Ferrari has not disclosed details about payment processors for its European and future global expansion, the company’s move reflects a growing trend of luxury brands catering to crypto-savvy high-net-worth individuals.

As cryptocurrency regulations vary globally, Ferrari’s rollout will be limited to countries where digital currencies are legally accepted. This cautious approach highlights the company’s commitment to compliance while innovating in the luxury automotive market.