Ferrari Expands Crypto Payments to Europe
Ferrari expands its cryptocurrency payment system to Europe, allowing customers to purchase luxury cars with Bitcoin, Ether, and USDC starting end of July 2024.
Ferrari, the famous Italian luxury car maker, is set to expand its cryptocurrency payment system to Europe after a successful launch in the US. Starting at the end of July 2024, Ferrari will enable crypto payments in its European dealer network. This follows a successful debut in the US in 2023, where Ferrari partnered with BitPay, a major crypto payment provider.
Ferrari announced on July 24 that many European dealers have already adopted or are in the process of adopting this new payment method. This system will work alongside traditional payment methods. The company plans to extend crypto transactions to other countries by the end of 2024, where cryptocurrencies are legally accepted.
The US launch of Ferrari’s crypto payment system in October 2023 set the stage for this European expansion. Partnering with BitPay allowed Ferrari to offer a secure and efficient crypto payment option in the US, which has now been adopted by about 50% of its dealers in the US and Canada.
In Europe, around 60% of Ferrari dealers have already adopted or are preparing to adopt the crypto payment system. Some countries are excluded due to regulatory issues and lack of market solutions.
Ferrari's crypto payment system does not require dealers to manage cryptocurrencies directly. Instead, payments in cryptocurrencies like Bitcoin, Ether, and USDC are automatically converted into local fiat currencies and deposited directly into dealers' bank accounts. This method shields dealers from the volatility of digital currencies.
With this new option, Ferrari aims to improve customer experience by providing a modern, flexible payment method. Customers in North America and Europe can now buy Ferrari cars using popular cryptocurrencies.
Looking forward, Ferrari plans to continue expanding its crypto payment system to more countries in its dealer network, focusing on areas where cryptocurrencies are legally accepted. This move reflects Ferrari's commitment to embracing digital innovation and catering to the needs of its global customers.
In summary, Ferrari's move to expand cryptocurrency payments to Europe marks a significant step in its digital transformation, offering a modern payment method that aligns with the growing trend of cryptocurrency use.
