Ferrari, the Italian luxury sports car producer, is preparing to expand its cryptocurrency payment system to Europe following a successful launch in the United States.
Ferrari will extend its crypto payment feature to its network of European dealers from the end of July 2024, the firm officially announced on July 24.
At the time of the announcement, most of Ferrari's European dealers had already adopted or were in the process of adopting the new payment system that adds to the traditional ones, the firm said, adding:
“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
EU entry follows Ferrari’s US crypto payment rollout
Ferrari's entry into the European market follows the successful launch of the crypto payment system in the US in October 2023.
In order to enable crypto payments in the United States, Ferrari initially partnered with BitPay, a major local crypto payment firm that serves global brands like AMC Theaters, the electronics retailer Newegg and others.
In its latest announcement, Ferrari emphasized that its crypto payment tools do not require dealers to manage cryptocurrencies directly. Instead, customers’ cryptocurrencies like Bitcoin will immediately be automatically converted into fiat currencies.
“The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” Ferrari noted.
Cointelegraph approached Ferrari for a comment regarding its crypto payment rollout in Europe but did not receive a response at the time of publication.
As BitcoinMagazine's Vivek Sun concludes, the ability to pay with Bitcoin and other crypto caters to Ferrari's tech-savvy customer base with sizeable Bitcoin wealth.
It also taps into growing mainstream adoption, as more major companies accept Bitcoin payments including Microsoft, AT&T, and travel site Expedia.
Ferrari said accepting Bitcoin and crypto provides customers with additional flexibility and convenience in purchasing the company's luxury vehicles. The automaker saw strong demand after enabling Bitcoin payments in the US last year.
As luxury and high-end brands adopt Bitcoin payments, it helps legitimize the asset class as a currency and not just an investment. The ability of consumers to spend Bitcoin at more retailers was also cited as a factor in the recent Bitcoin market rally.
