On July 24th, Ferrari announced that Bitcoin and other cryptocurrencies will now be accepted as payment in Europe.
By the end of July, all Ferrari dealerships in Europe will offer an “alternative payment system”, accepting Bitcoin and other cryptocurrencies, to its customers.
Ferrari first started accepting Bitcoin and other cryptocurrencies in the United States back in October 2023; the other cryptocurrencies being Ethereum and USDC.
After a successful launch in the United States, Ferrari is keen on expanding the cryptocurrency payment options to other regions of its business.
By the end of 2024, Ferrari has plans to expand their alternative crypto payment option to their dealerships worldwide, excluding areas where crypto is not legally accepted.
“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 is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security. 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.
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.”
- Press Release from Ferrari
Ferrari’s alternative payment system allows customers to pay with cryptocurrency without incurring any additional fees or charges, adding to the appeal of this option.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, emphasized this commitment by stating, “Prices will remain the same, with no additional fees or surcharges for cryptocurrency payments.”
When Ferrari originally rolled out their alternative payment system to the U.S. market last year, they partnered with BitPay to be their cryptocurrency payment provider.
As payment processor, BitPay would instantly convert any crypto payment into fiat currency to ensure that both Ferrari and the dealerships do not directly handle the cryptocurrency and are protected from volatile price swings.
BitPay would also guarantee that the cryptocurrencies are coming from legitimate sources and not derived from criminal activity.
For this venture into the European markets, it is not clear whether this partnership between Ferrari and BitPay will continue.
BitPay was not mentioned in the press release, and Ferrari specifically states they will be utilizing the “expertise of various companies active in the cryptocurrency payment sector”.
Will you be purchasing your next Ferrari with cash or Bitcoin?
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