Ferrari expands to Europe with cryptocurrency payments for wealthy customers

Italian luxury sports car manufacturer Ferrari announced plans to expand its cryptocurrency payment system to its European dealer network starting in late July.

Ferrari also intends to extend its crypto transaction options to additional countries in its global dealer network where digital currencies are legally recognized, by the end of 2024.

In its official press release this week, the Maranello-based company also revealed that it will use the expertise of several entities active in the crypto-payments sector to ensure the security of transactions. These solutions will allow merchants to accept payments without directly handling digital assets, as they will be instantly converted to traditional currency.

In addition, provider solutions will facilitate verification of sources of funds and protect transactions against price volatility associated with exchange rates.

Ferrari has not yet specified which crypto assets will be available for the European launch.

“So far, most European Ferrari dealers have already adopted or are in the process of adopting the new payment system which is added to the traditional ones.”

The latest expansion into the European market comes after the successful launch of its crypto payment system in the US in October 2023. To facilitate crypto payments in the US, the company first teamed up with payment provider of digital assets BitPay.

In a statement to Reuters, Ferrari’s head of marketing and sales, Enrico Galliera, said the move is aimed at attracting young investors who have amassed wealth through cryptocurrencies. He added that this will allow the luxury carmaker to engage with people who are not currently its customers, but who could potentially buy a Ferrari.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!