Ferrari starts accepting crypto in Europe to meet demand from wealthy buyers

Luxury sports car maker Ferrari is expanding crypto payment options across Europe in response to demands from its wealthy customers.

Ferrari will begin accepting crypto payments across its European dealership network by the end of July, less than a year after rolling out the plan in the US

According to Reuters, Ferrari will also offer crypto payments to its international dealerships in regions where digital assets are legally permitted by the end of 2024. The move comes after the payment system was well-received in the US, which Ferrari sees as vital to meeting the changing needs of its customer base.

The company, headquartered in Maranello, claims that most of its dealers in the region have adopted the new payment system or are in the process of doing so, but exact figures have not been released.

This development comes less than a year after Ferrari began accepting crypto payments via BitPay in the U.S. The company accepts Bitcoin (BTC), Ethereum (ETH), and USD Circle (USDC) as payment methods, but does not store these assets as they are automatically converted to fiat during the transaction process.

Ferrari CMO Enrico Galliera has previously stressed that the adoption of crypto payments is in line with the company’s broader commitment to reducing its carbon footprint, which also includes embracing new technologies and increasing the use of renewable energy sources.

The move contrasts with Tesla’s approach. The EV maker initially embraced Bitcoin payments in 2021 but later suspended them, citing environmental concerns. Despite those concerns, Tesla still held $640 million worth of BTC as of Q2.