Ferrari has announced its intention to extend the acceptance of cryptocurrency payments to its European dealer network by the end of July. This decision comes after a successful implementation of the payment system in the United States, receiving positive feedback from its clientele.

The move to include cryptocurrency payments in Europe is part of Ferrari's overarching strategy to cater to the changing preferences of its customer base. The automaker has confirmed that the majority of its European dealerships have either already incorporated the new payment system or are in the process of doing so.

The expansion of cryptocurrency payment options is projected to encompass a broader international network of dealers by the conclusion of 2024, specifically in regions where digital currencies hold legal status.

Favorable Response in the U.S.

The decision to enhance its cryptocurrency payment avenues is a result of the encouraging reception witnessed in the United States. Since its introduction in late 2023, Ferrari has embraced Bitcoin, Ethereum (ETH), and USD Coin (USDC) in collaboration with BitPay.

Ferrari clarified that although it accepts these virtual assets, it does not retain them. The cryptocurrencies are automatically converted into traditional currencies during transactions, streamlining the process for dealers by eliminating the need to handle digital currencies directly.

Global Expansion

In addition to the upcoming expansion in Europe, Ferrari aims to introduce cryptocurrency payment options in other regions where digital currencies are legally sanctioned by the end of this year.

The selection of cryptocurrency payment processors in Europe and beyond will be contingent on Ferrari's internal cryptocurrency payment system. Specific details regarding the partners for these new markets have not been disclosed by the company yet.