TL;DR
- Ferrari will extend its cryptocurrency payment system to its European dealerships from the end of July.
- The company plans to expand this scheme internationally by the end of 2024.
- Ferrari now accepts Bitcoin (BTC), Ethereum (ETH) and USDC in the United States via BitPay.
Ferrari (RACE.MI) has announced that it will be extending its cryptocurrency payment acceptance scheme to its dealer network in Europe starting late July.
This expansion follows the successful launch of the system in the United States last year.
In addition, the Italian company plans to extend this scheme to other dealers in its international network by the end of 2024, in countries where cryptocurrencies are legally accepted.
While most large companies have shied away from cryptocurrencies due to the volatility of Bitcoin and other tokens, Ferrari began accepting cryptocurrency payments in the United States last year to meet the requests of its wealthy clients.
“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 help dealers better meet the changing needs of their customers,” the company said.
Ferrari added that most of its dealers in the region have already adopted or are in the process of adopting the new payment system.
In the United States, Ferrari turned to one of the largest cryptocurrency payment processors, BitPay, allowing transactions in Bitcoin, Ethereum and USDC, one of the largest stablecoins.
As part of the scheme, BitPay immediately converts cryptocurrency payments into traditional currency on behalf of Ferrari dealers, protecting them from price fluctuations and with no additional charges for customers.
Ferrari has not provided details on whether it will use other payment processors in Europe and other regions
Inconsistent regulation and high energy consumption have also so far hindered the expansion of cryptocurrencies as a means of payment in several countries, including China, where cryptocurrencies are restricted.
This move by Ferrari not only reflects the company’s adaptation to the changing needs of its customers, but also positions the brand at the forefront of integrating emerging financial technologies into the luxury automotive industry.
As the cryptocurrency market continues to evolve and mature, Ferrari could face new challenges and opportunities.
The company’s adaptation to these changes could set a precedent in the automotive industry and serve as a model for other companies looking to explore alternative payment options.
