Italian Luxury sports car giant Ferrari will expand cryptocurrency payment options to its European dealer network this month. The launch follows its success in the US after partnering with BitPay in 2023.
Ferrari to Launch Crypto Payments in Europe
According to an official statement shared by Ferrari, the entity wants to live up to the direction its customers are leaning toward. They report, “To date, most of Ferrari’s European dealers have already adopted or are in the process of adopting the new payment system that adds to the traditional ones.”
In October, Ferrari initially rolled out crypto payment options for its cars in the U.S. After its European debut, Ferrari plans further expansion. The company plans, “By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
Ferrari says that its crypto payment tools do not require dealers to manage cryptocurrencies directly. Instead, consumers’ cryptocurrencies, such as Bitcoin, will be instantly converted into fiat currency and transferred to their bank accounts.
These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency. The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates.
Ferrari
At the moment, it remains unclear which crypto payment exchange or payment company Ferrari will use in Europe. Their success in America did not work for everyone else.
In 2021, electric car manufacturer Tesla began accepting payments in Bitcoin. However, due to environmental concerns associated with bitcoin mining, Elon Musk had to end crypto payments for Tesla.
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