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Ferrari will expand its cryptocurrency payment options to its European dealer network by the end of July, according to a July 24 announcement. This move follows a successful launch of the payment system in the U.S., where it has received a positive reception from customers.
Ferrari’s initiative to extend crypto payments reportedly comes as part of its broader strategy to meet the evolving preferences of its customer base. The Italian automaker has confirmed that most of its European dealers have either adopted or are in the process of adopting the new payment system.
This rollout is expected to include a wider network of international dealers by the end of 2024, in regions where cryptocurrencies are legally accepted.
Positive Reception in the U.S.
The decision to broaden its crypto payment options stems from the favorable response received in the U.S. Since the introduction of the system in late 2023, Ferrari has accepted Bitcoin, Ethereum (ETH), and USD Coin (USDC) through its partnership with BitPay.
The company noted that while it accepts these digital assets, it does not hold them. Instead, cryptocurrencies are automatically converted into fiat currencies during the transaction process, eliminating the need for dealers to manage digital currencies directly.
International Rollout
In addition to its European expansion, Ferrari plans to introduce its crypto payment options to other regions where digital currencies are legally recognized by the end of the year.
The choice of crypto payment processors in Europe and other regions will depend on Ferrari's cryptocurrency payment system. The company has yet to disclose specific details regarding its partners for these new markets.