According to CryptoPotato, Italian luxury sports car manufacturer Ferrari has announced plans to extend its cryptocurrency payment system to its European dealer network by the end of July. The company also aims to expand crypto transaction options to additional countries in its global dealership network where digital currencies are legally recognized by the end of 2024.

In an official press release, the Maranello-based company revealed that it will collaborate with several entities active in the crypto payment sector to ensure transaction security. These solutions will allow dealers to accept payments without directly handling digital assets, as the cryptocurrencies will be instantly converted into traditional currency. Additionally, the providers' solutions will facilitate the verification of fund sources and protect transactions against price volatility associated with exchange rates. Ferrari has not yet specified which cryptocurrencies will be available for the European rollout.

“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,” the company stated. This expansion into the European market follows the successful implementation of its crypto payment system in the US in October 2023. To facilitate crypto payments in the US, Ferrari partnered with digital asset payment provider BitPay.

In a statement to Reuters, Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, said that the move aims to attract young investors who have accumulated wealth through cryptocurrencies. He added that this initiative will enable the luxury automaker to engage with individuals who may not currently be their customers but could potentially purchase a Ferrari.