Ferrari Expands Cryptocurrency Payment Program to Europe
By Mark Hunter
3 weeks agoThu Jul 25 2024 08:48:20
Reading Time: 2 minutes
- Ferrari has announced an expansion of its cryptocurrency payment option to Europe by the end of July
- The carmaker started accepting crypto payments in the US last October
- Ferrari will expand to further regions in 2024
Ferrari will extend its provision for cryptocurrency payments to Europe by the end of July following a successful launch in the US. The infamous luxury sports car manufacturer began accepting crypto in the US last October , with plans to extend into Europe stated at the time, plans which have now come to fruition. The move is part of the company’s attempt to appeal to a new breed of millionaires, many of which are crypto-native.
Ferrari Hails “Succesful Launch” of Crypto Payments in US
Ferrari addressed the rationale for its expansion in a company statement , which hinted at the success of its US rollout::
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.
Ferrari announced its crypto payment option in October, driven by strong demand from affluent clients. Ferrari plans to extend the service to other markets by the end of 2024. It didn’t specify the locations, but Asia and the Middle East would be likely bets.
Ferrari’s decision to embrace cryptocurrency payments responds to customer requests and market trends, reflecting the growing number of millionaires achieving wealth through cryptocurrencies. This unconventional move contrasts with the caution of most blue-chip companies; Tesla temporarily accepted Bitcoin payments in 2021 before stopping due to environmental concerns.
BTC, ETH, and USDC Accepted
Anyone wishing to buy a Ferrari with cryptocurrency must do so via BitPay, with tansactions conducted in BTC, ETH, and USDC without additional fees or surcharges. BitPay instantly converts cryptocurrency payments into fiat, mitigating risks associated with price fluctuations and ensuring the legitimacy of cryptocurrency sources to reduce potential criminal activity or tax evasion.
The move resulted in a comprehensive uptake by Ferrari’s US dealers, signaling a positive response within the network, which the company hopes will be echoed in Europe.
