July 26, 2024
By Anjali Kochhar
Ferrari, the renowned Italian luxury sports car manufacturer, is set to introduce cryptocurrency payments to its European network of dealers following a successful rollout in the United States. This expansion, scheduled to begin at the end of July 2024, marks a significant milestone in Ferrari’s innovative approach to payment solutions.
The initial launch of Ferrari’s crypto payment system in the US in October 2023 was facilitated through a partnership with BitPay, a leading crypto payment firm that collaborates with global brands like AMC Theaters and Newegg. The system allowed Ferrari customers in the US to purchase cars using cryptocurrencies such as Bitcoin, Ether, and USDC, with payments seamlessly converted into fiat currency and transferred directly to dealers’ bank accounts.
Ferrari’s spokesperson highlighted the impressive adoption rate among dealers, noting that approximately 50% of US and Canadian dealers have embraced the new payment system. In Europe, around 60% of Ferrari dealers have either adopted or are in the process of integrating the crypto payment feature, with some exclusions due to regulatory constraints and the absence of market solutions.
Ferrari emphasised that its crypto payment tools are designed to simplify transactions for dealers, eliminating the need for them to manage cryptocurrencies directly. Instead, customers’ crypto assets are instantly converted to local currencies, ensuring smooth and secure transactions. Additionally, the payment solutions provide safeguards against price volatility and verify the source of funds, enhancing transaction security.
Ferrari’s move to expand its crypto payment system to Europe is part of a broader strategy to accommodate the growing demand for digital currency transactions among its affluent clientele.
By the end of 2024, the company plans to extend this feature to other countries in its international dealer network, where cryptocurrencies are legally accepted.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
