Representatives of Ferrari announced that from the end of July 2024 they will expand the scheme for accepting payments in cryptocurrency for luxury sports cars to their European dealer network.
The Italian company said in a statement that by the end of 2024 it will extend the scheme to other dealers in its international network in countries where cryptocurrencies are legally accepted.
Most leading companies avoid cryptocurrencies because the volatility of Bitcoin and other tokens makes them impractical for trading. Last year, Ferrari began accepting payments in Bitcoin and USDC in the US to cater to the demands of its wealthy clients.
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 help dealers better meet the changing needs of their customers, Ferrari said.
The company emphasized that most of its dealers in the region have already switched or are in the process of switching to the new payment system. To launch its scheme in the US, Ferrari turned to one of the largest cryptocurrency payment processors, BitPay, and allowed transactions in Bitcoin, Ether and USDC.
Under the scheme, Bitpay immediately converts cryptocurrency payments into traditional currency on behalf of Ferrari dealers, protecting them from price fluctuations while eliminating commissions and surcharges for customers.
