Ferrari Expands Crypto Payment Options to European Dealers Starting July

• Ferrari expands crypto payments to European dealers, following successful U.S. launch in October.
• Ferrari plans to extend crypto payments to other regions where cryptocurrencies are legally accepted.
• Ferrari partnered with BitPay in the U.S.; European crypto payment processors remain unspecified.

Luxury sports car manufacturer Ferrari has announced the expansion of its cryptocurrency payment options to its European dealer network starting at the end of July, following a successful launch in the United States. This move will allow European customers to purchase Ferrari cars using cryptocurrencies, addressing the evolving financial preferences of its clientele.

Ferrari initially introduced cryptocurrency payments for its cars in the U.S. in October. This decision was largely influenced by market demand and feedback from dealers, many of whom reported that their clients were heavily invested in cryptocurrencies.

The Italian firm now plans to extend this payment scheme to other international dealers in countries where cryptocurrencies are legally accepted.

In the U.S., Ferrari joined an effort with BitPay for cryptocurrency payments, accepting Bitcoin, Ether, and the USDC stablecoin. BitPay quickly converts these payments into traditional currency to shield dealers from the ups and downs of cryptocurrency prices. It is not yet known which cryptocurrency payment processors Ferrari will use in Europe and other regions.

Ferrari’s choice to offer cryptocurrency payments in Europe is a strategic move to help dealers meet their client’s changing needs. Ferrari says that most European dealers have already started using the crypto payment option or are getting ready to do so.

The company noted that the entry into the European market follows the successful implementation of this alternative payment system in the United States less than a year ago.

Ferrari’s move to expand cryptocurrency payments follows similar actions by other luxury car makers. In 2021, Tesla started accepting Bitcoin for its cars but later stopped due to concerns about Bitcoin mining’s environmental impact. Ferrari has not mentioned any environmental concerns about its cryptocurrency payment options.

Ferrari plans to expand its cryptocurrency payment options to other areas, depending on local laws for accepting cryptocurrency. This shows Ferrari’s dedication to innovation and its quick response to market trends and customer needs.