Ferrari Opens Doors To Crypto Payments In Europe

4 months ago 26

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Today, Ferrari announced the extension of its crypto payment options to its network of European dealers, a move set to take effect by the end of this month. This expansion follows a successful inaugural rollout in the United States last year.

Buy Ferraris With Crypto Across Europe

The Italian luxury sports car manufacturer initially revealed the support for digital asset payments in the United States in October last year. According to the statement at that time, the aim of this move was cater the growing demographic of tech-savvy clientele. The decision to expand these services into Europe comes as a continued effort to meet the evolving preferences of its customer base, according to a press release.

The extension into European markets aims to “support dealers in better addressing the evolving needs of its clients.” The company highlighted in its press release that most of its European dealers are already equipped or are in the process of integrating this new payment system alongside traditional methods.

Ferrari has not disclosed the specific crypto payment processors it will partner with in Europe. However, during its US launch, the company collaborated with BitPay to accept payments in Bitcoin, Ethereum and the stablecoin USDC. These transactions are converted immediately into fiat currency to shield dealers from potential volatility in market prices.

“Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security. These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency,” the press release states.

The payment system also includes measures to verify the source of funds and safeguard against the risk associated with exchange rate fluctuations. This approach not only addresses regulatory compliance concerns but also enhances transaction security. Moreover, “the providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” Ferrari revealed today.

The adoption of crypto payments by Ferrari is part of a broader trend observed in the luxury car industry. Companies like Tesla have previously accepted Bitcoin, although the company later reversed its decision due to environmental concerns associated with Bitcoin mining.

Notably, Ferrari aims to expand their payment option beyond the US and Europe until the end of this year. “By the end of 2024, Ferrari will expand crypto transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted,” the press release said.

At press time, Bitcoin traded at $66,375.