Ferrari Expands Crypto Payments to European Dealers
Italian luxury sports car manufacturer Ferrari is set to introduce cryptocurrency payment options to its European dealer network this month, following a successful launch in the US in 2023 through a partnership with BitPay.
Adoption of Crypto Payments in Europe
In an official statement, Ferrari expressed its commitment to align with the preferences of its customers. The company reported, “To date, most Ferrari European dealers have adopted or are in the process of adopting the new payment system to complement the traditional payment system.”
Expansion Plans and Payment Process
Having initially introduced crypto payment options in the US in October, Ferrari aims to extend cryptocurrency trading to other countries within its international dealer network by the end of 2024. The company’s crypto payment tool ensures that dealers do not directly handle cryptocurrencies, as the customers’ digital assets, such as Bitcoin, are instantaneously converted into fiat currency and transferred to their bank accounts.
These solutions simplify the payment process for dealers by eliminating the need to manage cryptocurrencies directly. The instant conversion of digital assets into traditional currencies provides a swift and secure transaction experience, shielding against exchange rate fluctuations.
Challenges and Industry Trends
While Ferrari’s success in the US has paved the way for its European expansion, the specific crypto payment exchange or payment company to be utilized in Europe remains undisclosed. This move by Ferrari follows in the footsteps of electric car manufacturer Tesla, which began accepting Bitcoin payments in 2021 but discontinued them later due to environmental concerns linked to Bitcoin mining.
