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Luxury sports car manufacturer Ferrari has announced its intention to accept cryptocurrency payments in Europe. The move follows the launch of this scheme in the United States last year.
According to the announcement, dealerships in Europe will be accepting payments in cryptocurrencies like Bitcoin and Ether.
Ferrari said this integration will help adapt to growing demand for new payment methods, adding:
The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago to support dealers in better addressing the evolving needs of its clients.
The crypto payment scheme is expected to go live by the end of 2024.
The automobile manufacturer added that most of its dealers in the region have already transitioned to the new system, and the remainder have already initiated the process.
Ferrari plans global crypto expansion following US success
Further, the company also plans to extend this scheme to other dealers in its global network by the end of 2024. However, the option would only be available in nations that allow transactions involving cryptocurrencies.
This means nations like China and Ukraine, where cryptocurrencies are largely prohibited, are excluded.
Ferrari initially announced plans to accept crypto payments in Europe in October 2023, the same time the company launched the payments system in the US
At the time, a company executive said that crypto integration was geared towards “young investors” who have amassed their fortunes via cryptocurrencies.
To process the payments, Ferrari partnered with the crypto payments platform Bitpay.
BitPay instantly converts cryptocurrency payments into traditional currency. This protects dealers from the volatility of cryptocurrencies and ensures that payments come from legitimate sources.
Supported cryptocurrencies included Bitcoin, Ether, and the stablecoin USDC. Further, it was announced that customers would not incur any surcharges or fees for using this payment method.
At the time of publication, it has not been disclosed whether the same payment processor would be used in Europe.
Auto companies warming up to crypto
The extension to Europe comes as the supercar maker reported positive earnings for Q1 2024. The firm marked adjusted net profits of €352 million, accounting for a 19% year-on-year increase.
Ferrari isn’t the only automobile manufacturer warming up to cryptocurrencies. Electric vehicle manufacturer Tesla had also allowed Bitcoin payments for its vehicles in 2021. However, the payment option was dropped months later.
Luxury automotive brand Karma, at its Newport Beach dealership, also started accepting Bitcoins in 2019 as a payment method for car purchases and services performed.
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