Ferrari Expands Crypto Payments Support to Europe Due to ‘Evolving Client Needs’

Ferrari plans to start integrating crypto payments to its business in Europe by the end of July.

Written by Radhika Parashar, Edited by David Delima | Updated: 25 July 2024 14:24 IST

Ferrari Expands Crypto Payments Support to Europe Due to ‘Evolving Client Needs’

Photo Credit: Pexels/ Sebastian Pichard

Ferrari was founded in 1939 by Enzo Ferrari and launched its first car in 1940

Highlights

Ferrari launched crypto payments in the US in October 2023
Europe and the US are among Ferrari’s most lucrative markets
Ferrari is also looking to accept crypto payments in other nations

Ferrari will allow customers in Europe to make payments for car purchases through cryptocurrencies. In an official statement released on Friday, the Italian luxury carmaker noted that the needs of its clients have evolved over time, and that people are opting for newer payment technologies that suit their convenience. According to Ferrari, most of its dealers located 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 by the end of July, as per its statement. To allow payments for its cars through crypto assets, the carmaker said it identified nations where crypto-related laws are clearly defined and Europe was one of these countries.

Europe's MiCA regulations that govern the crypto industry are designed to ensure that businesses involved in this volatile and financially risky sector are officially registered, regularly audited, and aware of suspicious transactions. The rules also aim to ensure that high-end businesses like Ferrari, that are exploring crypto-based changes into their internal financial systems, do not engage with unethical or questionable crypto services, which could pose financial threats to the companies as well as their clients.

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The 85-year-old company said in its blog that it is leveraging the expertise of multiple companies from the crypto payment sector to make sure all transactions are secure. As of now, the automaker has not disclosed which crypto firms it has partnered with in Europe to facilitate and process crypto payments.

“These will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency,” Ferrari said. “The providers' solutions will also allow for the 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, back in October 2023. BitPay, that provides crypto-to-fiat payment services, was chosen as Ferrari's payment partner in the US. The Maranello, Italy-based carmaker accepts crypto payments in Bitcoin, Ether, Dogecoin and USD Coin in the US. For now, its list of acceptable cryptocurrencies for payments in Europe remains awaited.

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While the company has never disclosed details about its experience with crypto purchases in these nine months, the system seems to have worked out well enough for the company to expand this crypto payment option to Europe. “By the end of 2024, Ferrari will expand cryptocurrency 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 discontinued the practice citing environmental damage linked to BTC mining.

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Further reading: Cryptocurrency, Ferrari, Europe

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More