Why Ferrari is expanding crypto payment support to Europe
Ferrari will allow customers in Europe to make payments for car purchases via cryptocurrency. In an official statement released on Friday, the Italian luxury carmaker noted that its customers’ needs have evolved over time and people are opting for newer payment technologies that suit their convenience. According to Ferrari, most dealerships across Europe have already started adopting crypto-based payment systems, while others are also preparing to accept digital assets as payment.
Ferrari to accept crypto payments in Europe
Ferrari dealers will start accepting crypto payments in Europe from the end of July, the press release said. rackTo enable payments for its cars via crypto assets, the automaker said it has identified countries where crypto-related laws are clearly defined and Europe was one of those countries.
The European MiCA regulation that governs the crypto industry is designed to ensure that companies involved in this volatile and financially risky sector are officially registered, regularly monitored and informed of suspicious transactions. The rules also aim to ensure that high-end companies like Ferrari, which are investigating crypto-based changes to their internal financial systems, do not engage in unethical or questionable crypto services, which could pose financial threats to the companies and their customers.
The 85-year-old company said in its blog that it is leveraging the expertise of multiple companies in the crypto payments sector to ensure all transactions are secure. So far, the automaker has not disclosed which crypto companies it has partnered with in Europe to facilitate and process crypto payments.
“These will allow dealers to accept payments without having to manage cryptocurrencies directly, as they are immediately converted into traditional currencies,” Ferrari said. “The providers’ solutions will also enable verification of the source of funds and protect transactions from price fluctuations related to exchange rates.”
Ferrari’s History with Crypto
Ferrari first approved crypto payments for its cars in the US in October 2023. BitPay, which provides crypto-to-fiat payment services, was chosen as Ferrari’s payment partner in the US. The Maranello, Italy-based automaker accepts crypto payments in Bitcoin, Ether, Dogecoin and USD Coin in the US. For now, it is still waiting for the list of acceptable cryptocurrencies for payments in Europe.
While the company has never released details about its experience with crypto purchases over these nine months, the system appears to have worked well enough for the company to expand this crypto payment option to Europe. “By the end of 2024, Ferrari will expand crypto transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted,” the company said in the blog post.
In 2021, Elon Musk’s Tesla briefly accepted BTC payments for its electric cars, but later stopped doing so due to the environmental damage associated with BTC mining.
