- • Ferrari to launch crypto payments for its cars in Europe starting end of July 2024, following a successful rollout in the US market in 2023.
- • Customers can pay using Bitcoin, Ether, and USDC, with payments automatically converted to fiat currency for dealers.
- • By the end of 2024, Ferrari plans to expand crypto payments to other countries where cryptocurrencies are legally accepted.
Ferrari is expanding its crypto payment options to its European dealers starting in late July 2024, following a successful US rollout in 2023.
Ferrari’s Crypto Payment Launch in the US
Ferrari first debuted crypto payments for its cars in the United States in 2023 by partnering with crypto payments provider BitPay. As of today, the platform is used in the US and Canada by around 50% of Ferrari dealers.
Rolling Out to Europe
In Europe, around 60% of Ferrari dealers have already adopted or are adopting the new crypto payment system. The company said most dealers should have the system implemented by end of 2024.
How the Crypto Payments Work
With the new system, customers’ crypto like Bitcoin is automatically converted to fiat currency and sent directly to the dealer’s bank account. This removes the need for dealers to manage crypto directly. The crypto payments provider handles verifying the source of funds and protecting against exchange rate fluctuations.
Cryptocurrencies Accepted
Ferrari clients in the US and Europe can now purchase vehicles using Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
Regulatory Limitations
The crypto payment system is not yet available in all countries, due to regulatory restrictions in some markets, and lack of crypto payment solutions in others.
Continued Global Expansion
Ferrari plans to eventually expand crypto transactions to other countries where cryptocurrencies are legally accepted. This will broaden crypto payment availability throughout its international dealer network.
