Ferrari Expands Crypto Payments to Europe

Ferrari has announced that it will extend its crypto payment options to its network of European dealers by the end of this month.

In October last year, the Italian luxury sports car manufacturer initially revealed support for digital asset payments in the United States.

This move aimed to cater to the growing demographic of tech-savvy clientele. According to a press release, the decision to expand these services into Europe is part of a continued effort to meet the evolving preferences of its customer base. The extension into European markets aims to "support dealers in better addressing the evolving needs of its clients."

Most of Ferrari's European dealers are already equipped or are in the process of integrating this new payment system alongside traditional methods. Ferrari has not disclosed the specific crypto payment processors it will partner with within Europe.

However, during its U.S. launch, the company collaborated with BitPay to accept payments in Bitcoin, Ethereum, and the stablecoin USDC.

"Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security," the press release states. These transactions are converted immediately into fiat currency to shield dealers from potential volatility in market prices.

The payment system also includes measures to verify the source of funds and safeguard against the risk associated with exchange rate fluctuations.

Ferrari aims to expand their payment option beyond the U.S. and Europe by the end of this year. "By the end of 2024, Ferrari will expand crypto transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted," the press release said.

Ferrari's adoption of crypto payments is part of a broader trend observed in the luxury car industry. Companies like Tesla have previously accepted Bitcoin, although the company later reversed its decision due to environmental concerns associated with Bitcoin mining. Ferrari's move helps it connect to young investors who have built their fortunes around cryptocurrencies.

"This will help us connect to people who are not necessarily our clients but might afford a Ferrari," said Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer.

Other automakers, including Lamborghini, and some individual dealerships for manufacturers like Nissan and BMW, also enable crypto as a payment option.