- Ferrari has started accepting Bitcoin and other cryptocurrencies for payments in Europe, marking a significant step in integrating digital currencies into the luxury auto market
- By accepting cryptocurrencies, Ferrari simplifies the purchasing process for international clients, eliminating the need for costly and complex currency conversions
- Ferrari’s move could set a trend in the luxury car industry, encouraging other manufacturers to accept cryptocurrencies and attracting new clientele from the crypto investment community
Ferrari is rolling out its crypto payment option in Europe, with most dealerships set to start accepting it soon. It’s already available in the U.S.
Just a few days from now, you’ll be able to buy a Ferrari and pay with cryptocurrencies.
The Italian brand has announced that by the end of July, all its European dealerships will accept crypto payments. This follows the same policy already in place in the U.S. since October 2023, making it the first market in the world where Ferrari accepted crypto.
Simplifying Payments Without Holding Crypto
The main thing to know is that Ferrari won’t be handling or holding onto the cryptocurrencies. Once the payment is made, the crypto will be converted to local currency right away, which will give the company a boost in funds.
In other words, Ferrari wants to make it easier for customers to pay, but it doesn’t plan to start building its own crypto wallet.
Ferrari has announced that customers in select countries, including Spain, where cryptocurrencies have been legally recognized since 2015, will have the option to pay with digital currencies at its dealerships.
The company is working with providers who will verify the origin of the funds and protect transactions from price fluctuations related to exchange rates.
Which Cryptocurrencies Will Be Accepted?
Bitcoin, Ether, and USDC are likely to be the chosen cryptocurrencies for this initiative. Ferrari hasn’t explicitly confirmed this yet, but these three are accepted in the U.S. market, so it would make sense for Europe to follow the same strategy.
Ferrari’s tech partner in this operation is BitPay, responsible for processing purchase requests and converting customers’ crypto into fiat money for the company.
