- Ferrari will begin accepting cryptocurrency payments at European dealerships starting this month, following a successful U.S. rollout.
- The initiative supports customer preferences, enabling dealerships to process crypto payments converted directly to traditional currency.
Starting at the end of this month, Ferrari will accept cryptocurrency payments at its dealerships across Europe. This follows a successful implementation in the United States, where the Italian car manufacturer began accepting Bitcoin, Ethereum, and USD Coin last year through a partnership with Bitpay.
Ferrari’s introduction of cryptocurrency payments aims to adapt to the changing financial preferences of its customers. The company has partnered with several technology firms to ensure the security of transactions. These partnerships will enable dealerships to accept cryptocurrency without directly managing the digital assets, as these payments will be immediately converted into traditional currency.
In a statement released on Wednesday, 24th July, Ferrari confirmed that its European operations are prepared to adopt this payment method, with many dealerships already equipped for such transactions. Plans are in place to expand this option to additional countries by the end of 2024, but only in jurisdictions where cryptocurrency is recognized as legal tender.
“Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security”
The adoption of cryptocurrency payments by Ferrari aligns with a wider trend towards mainstream acceptance of digital currencies by private companies and governments alike. Despite varying regulations across different countries, such as strict controls in China and unclear policies in the United States, as well as Europe’s MICA regulations, the use of digital currencies continues to expand.
“These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency.”
Ferrari’s strategy to incorporate cryptocurrencies responds to the growing financial engagement with digital assets, particularly among younger customers. This demographic has increasingly built wealth through digital currencies, leading to a rise in demand for luxury cars paid for with these assets.
Power, performance, and pure open-air pleasure – what more could you ask for? Maybe a plug-in hybrid architecture delivering 1,000 cv… Oh, wait. 😜#FerrariSF90Spider #Ferrari pic.twitter.com/IT9YQiBRhD
— Ferrari (@Ferrari) July 22, 2024
The success of Ferrari’s cryptocurrency payment program in the U.S. market has encouraged the company to extend this option to Europe, aiming to meet customer needs and maintain a competitive edge in the luxury car market.
