Key takeaways:
- After a successful introduction in the US, the Italian luxury sports car manufacturer Ferrari is getting ready to bring its crypto payment system to Europe.
- Following the successful introduction of the crypto payment system in the US in October 2023, Ferrari is making its way into the European market.
After a successful introduction in the US, the Italian luxury sports car manufacturer Ferrari is getting ready to bring its crypto payment system to Europe.
Ferrari formally stated on July 24 that it will begin extending its crypto payment function to its network of European dealers by the end of July 2024.
In addition to the standard payment methods, the majority of Ferrari’s European dealers had either implemented or were in the process of implementing the new one, according to the company:
“By the end of 2024, Ferrari will expand crypto transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
Following the successful introduction of the crypto payment system in the US in October 2023, Ferrari is making its way into the European market.
Ferrari first collaborated with BitPay, a significant local crypto payment company that services well-known international businesses like AMC Theatres, the electronics retailer Newegg, and others, to allow crypto payments in the US. The representative stated:
“In Europe, around 60% of the dealers have adhered to or are in the process of adhering to this project so far,”
Ferrari made it clear in their most recent release that dealers do not need to handle crypto directly in order to use its crypto payment capabilities.
Rather, the digital currencies that users own, such as Bitcoin, will be instantly and automatically converted into fiat money and paid straight to their bank accounts. Ferrari reported:
“The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,”
North American and European Ferrari customers will be able to buy their cars with USDC, Ether, and Bitcoin.
