Ferrari Expanding Crypto Payment Options in Europe
Italian luxury sports car manufacturer Ferrari is set to expand its 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 by European Dealers
In an official statement, Ferrari expressed its commitment to meeting the evolving preferences of its customers. The company reported that most European dealers have already adopted or are in the process of adopting the new payment system alongside the traditional methods.
Streamlining Crypto Transactions
Ferrari’s crypto payment tool ensures that dealers do not have to handle cryptocurrencies directly. Instead, customers’ digital assets, such as Bitcoin, are instantly converted into fiat currency and transferred to the dealers’ bank accounts, simplifying the payment process.
This streamlined solution not only facilitates easy acceptance of crypto payments but also provides safeguards against exchange rate fluctuations, offering verification of the funds’ source for added security.
Future Expansion and Industry Trends
By the end of 2024, Ferrari plans to extend cryptocurrency trading to other countries within its international dealer network where such transactions are legally permissible. The move mirrors a broader trend in the automotive industry, as shown by Tesla’s brief foray into accepting Bitcoin payments in 2021, which was later halted due to environmental concerns related to Bitcoin mining.
