The overall cryptocurrency landscape is continuously evolving. After the approval of spot Ethereum ETF (Exchange Traded Fund) in the United States, today on July 24, 2024, Ferrari, the renowned Italian luxury sports car manufacturer, is set to roll out its cryptocurrency payment system across Europe by the end of July 2024.
Source: Ferrari Europeans can now buy Ferrari with crypto
This development follows the successful introduction of the payment option in the United States in October 2023. As part of this expansion, Ferrari’s European dealers will begin accepting cryptocurrencies, enhancing the purchasing experience for clients. The company’s announcement underscores a significant shift towards integrating digital currency in high-end transactions, reflecting the growing acceptance of cryptocurrencies in traditional markets.
Ferrari’s move into the European market builds on its initial success in North America, where it collaborated with BitPay, a prominent crypto payment processor. BitPay is a well-known player in the cryptocurrency space, serving global brands like AMC Theaters and Newegg.
In the US and Canada, approximately 50% of Ferrari’s dealers have adopted the crypto payment system. In Europe, around 60% of dealers have either integrated or are in the process of integrating this new payment option. However, some dealers are excluded due to regulatory constraints and market readiness in certain countries.
Users can buy Ferrari with BTC, ETH, and USDC
The new payment system allows Ferrari customers to purchase vehicles using Bitcoin, Ether, and USDC. A key feature of Ferrari’s crypto payment infrastructure is its automatic conversion of cryptocurrencies into fiat currency. This means that when a customer makes a payment using digital currency, it is instantly converted into the local currency and deposited into the dealer’s bank account. This process mitigates the impact of cryptocurrency price volatility and ensures smooth transactions for dealers.
Additionally, the payment solution includes mechanisms to verify the source of funds, enhancing transaction security and compliance with regulatory standards. This innovation simplifies the payment process for both customers and dealers, aligning with Ferrari’s commitment to providing a seamless and modern purchasing experience.
Looking ahead, Ferrari plans to extend its cryptocurrency payment option to additional countries within its international dealer network by the end of 2024, wherever cryptocurrencies are legally accepted. This strategic move reflects Ferrari’s forward-thinking approach and its adaptation to evolving financial technologies.
