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.
“As of today, the platform is utilized in both the U.S. and Canadian markets — by around 50% of the dealers,” a spokesperson for Ferrari told Cointelegraph.
“In Europe, around 60% of the dealers have adhered to or are in the process of adhering to this project so far,” the representative noted. He added that dealers in specific countries were excluded due to regulatory reasons and the lack of market solutions.
Ferrari dealers will receive payments in local currency directly into bank accounts
In the latest announcement, Ferrari emphasized that its crypto payment tools do not require dealers to manage cryptocurrencies directly. Instead, customers’ cryptocurrencies like Bitcoin will be automatically immediately converted into fiat currencies and sent directly to bank accounts.
“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.
Ferrari's clients in North America and Europe will have the ability to purchase their vehicle using Bitcoin, Ether (ETH) and USDC (USDC), the company’s representative told Cointelegraph.