Ferrari Expands Cryptocurrency Payment to European Dealers, Post Launch in the US

• Ferrari extends crypto payments to European dealers by the end of July, following U.S. launch success. 
• The program will expand globally by 2024, in regions where crypto is legally accepted.
• Ferrari’s move aligns with trends of luxury brands adapting to digital asset preferences. 

Ferrari announced that it will extend its cryptocurrency payment scheme to its European dealer network by the end of this month. This expansion follows the successful launch of the program in the United States last year.

Ferrari plans to further extend this payment option to other regions within its international network by the end of 2024, provided cryptocurrencies are legally accepted in those countries. This initiative is a direct response to increasing requests from Ferrari’s wealthy customers, who are heavily invested in digital assets like bitcoin and ether.

Successful U.S. Launch Sets the Stage for Europe

Commenting on the new venture across the European market, Ferrari stated,

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.

Despite the reluctance of many blue-chip companies to embrace cryptocurrency due to its volatility and regulatory uncertainties, Ferrari is confident in its strategy. The luxury car manufacturer has already seen a positive response from most of its European dealers, many of whom have either adopted or are in the process of adopting the new payment system.

For its U.S. launch, Ferrari partnered with BitPay, one of the leading cryptocurrency payment processors, allowing transactions in bitcoin, ether, and USDC. BitPay’s role is crucial, as it converts cryptocurrency payments into traditional currency immediately, shielding dealers from the notorious price swings associated with digital assets. This setup also ensures that clients do not incur additional fees or surcharges.

Future Plans for Global Expansion

While Ferrari did not disclose whether it would continue to use BitPay or engage other payment processors for its European operations, the company reassured that the extension of crypto payments aligns with its goal to meet the evolving demands of its clientele.

Luxury Market Embraces Cryptocurrency

The move to accept cryptocurrency payments is particularly notable in the luxury market. Unlike everyday purchases, where crypto holders may hesitate to spend their assets due to potential future value appreciation, luxury items like Ferrari cars maintain significant long-term value, making them an attractive purchase option for crypto investors.

This strategic expansion reflects a broader trend among high-end brands adapting to the preferences of their modern, tech-savvy customers. However, Ferrari remains cautious, as the broader adoption of cryptocurrency as a mainstream payment method is still hampered by patchy regulation and environmental concerns, especially related to bitcoin mining.