decrypt.co
Luxury automaker Ferrari is set to begin accepting cryptocurrency payments in Europe, a year after adding crypto as a payment option in the U.S.
According to a press release, the addition of crypto as a payment option by Ferrari is intended to "support dealers in better addressing the evolving needs of its clients."
The firm added that cryptocurrency payments will be immediately converted into fiat currency, with the help of unspecified companies in the crypto payments sector. "These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly," the firm noted, adding that its payment solution will "allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates."
According to Ferrari, it will roll out the option of crypto payments to other countries in its dealer network where crypto payments are legal by the end of the year.
Ferrari added cryptocurrency as a payment option for U.S. customers in October last year, accepting payment in Bitcoin (BTC), Ethereum (ETH), or the USDC stablecoin.
In the U.S. the automaker has partnered with crypto-payment processor BitPay to perform due diligence and facilitate crypto-to-fiat transfers. The move is framed as an extension of its existing crypto payments approach in the United States, though Ferrari did not specify any coins for the European rollout.
At the time, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera told Reuters that the move was undertaken in order to reach "young investors who have built their fortunes around cryptocurrencies," adding, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."
Ferrari is following in the footsteps (or tire marks) of other automakers who have added crypto as a payment option, including fellow luxury automaker and crypto icon Lamorghini. Some individual dealerships for manufacturers including Nissan and BMW also enable crypto as a payment option.
Electric vehicle manufacturer Tesla was among the most prominent firms to enable Bitcoin payments as far back as March 2021, but it proved to be a short-lived initiative. In October that year, the firm stopped accepting Bitcoin payments, with CEO Elon Musk citing the "rapidly increasing use of fossil fuels for Bitcoin mining and transactions" as being behind its decision.
Edited by Andrew Hayward