Ferrari customers in Europe will soon be able to pay for their Italian exotic cars with cryptocurrencies. The alternate payment scheme, which was launched in the US last year, will be extended to the European dealer network by the end of July, Ferrari announced on Wednesday. Furthermore, the iconic Italian marque said that by the end of 2024, it will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted. “The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients,” Ferrari’s official release reads.
While the volatility of the cryptocurrency market has kept other major automotive brands away from the alternate payment option, it has proven to be very promising for Ferrari. The Italian manufacturer partnered with one of the largest cryptocurrency payment processors, BitPay, to launch the scheme in the US and accept payments in Bitcoin, Ether, and USDC. As part of the program, BitPay converts cryptocurrency payments into traditional currency, protecting Ferrari dealers from price fluctuations. Additionally, Ferrari doesn’t charge any extra fee or surcharge on the crypto transactions from its customers.
Ferrari has not revealed whether it will partner with other payment processors in Europe and other regions or extend its collaboration with BitPay. Bitcoin has recovered from its crash in 2022 and is currently trading close to its all-time high, which could greatly benefit Ferrari. As of current Bitcoin rates, one can buy a Ferrari SF90 Stradale for 12 bitcoins. “This will help us connect with people who are not necessarily our customers but could afford a Ferrari,” Ferrari’s marketing chief Enrico Galliera had said when the scheme was launched in the US last year.
