Ferrari launches crypto payments in Europe after success in the US
Ferrari began accepting cryptocurrency payments for its vehicles in the United States in 2023, working with prominent local payment processor BitPay.
Ferrari, the Italian premium sports car manufacturer, is planning to expand its cryptocurrency payment system to Europe after a successful debut in the United States.
Ferrari will expand its cryptocurrency payment function to its network of European dealers by the end of July 2024, the company stated on July 24.
Ferrari’s European dealers have already adopted or are in the process of adopting the new payment system, which complements traditional methods. The company plans to expand cryptocurrency transactions to other countries where cryptocurrencies are legally accepted by the end of 2024.
European Union entry follows Ferrari’s US crypto payment rollout
Ferrari’s foray into the European market comes after the successful launch of its crypto payment system in the United States in October 2023.
Ferrari initially collaborated with BitPay, a large local crypto payment service that serves worldwide brands such as AMC Theatres, electronics retailer Newegg, and others, to enable cryptocurrency payments in the United States.
“As of today, the platform is utilised in both the U.S. and Canadian markets — by around 50% of the dealers,” a Ferrari official told Cointelegraph.
“In Europe, around 60% of the dealers have adhered to or are in the process of adhering to this project so far,” according to the spokesman. He went on to say that dealers in certain nations were barred from doing business owing to legislative constraints and a lack of market solutions.
The Ferrari dealers will receive direct bank deposits in their local currencies
In the most recent statement, Ferrari emphasized that its crypto payment capabilities do not require dealers to manage cryptocurrency directly. Instead, clients’ cryptocurrencies, such as Bitcoin, will be automatically converted into fiat currency and transferred directly to bank accounts.
“The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” according to Ferrari. Ferrari customers in North America and Europe will be able to pay for their vehicles with Bitcoin, Ether $3,184, or USDC $1.00, according to a business official.
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