Ferrari Accelerates Into Europe with Crypto Payments Option for Cars

Ferrari, the renowned luxury sports car manufacturer, will open up crypto payment options for its dealers in Europe at the end of July. The significant development comes approximately eight months after a successful debut in the United States.

In October of last year, the luxury car manufacturer integrated cryptocurrency as a valid payment method for its vehicles in the United States. With that success, a Reuters report reveals the Italian organization looks poised to roll out the option to countries in Europe that legally accept crypto before the end of this year.

Ferrari Addresses Dealers’ and Clients Demands

The move addresses the clamor by dealers who invested in crypto and sought for the option to cater to clients requesting the service. Notably, most traditional businesses over the years steered clear of crypto as a means of payment given the volatility of the market which could dip without warning.

However, in what analysts consider a growing adoption of digital assets, after its initial crypto payment option to wealthy customers in the U.S. became a success, Ferrari is boldly embracing crypto.

Ferrari Collaboration with BitPay for Crypto Payments

When it opened up the option in October 2023, Ferrari collaborated with BitPay, one of the leading Bitcoin (BTC) payment platforms, to facilitate smooth transactions. The statement from Ferrari did not disclose if it will stick with BitPay for the Europe venture.

BitPay’s service to Ferrari in the United States extended beyond accepting payments in Bitcoin. Clients could also make purchases using USDC stablecoins and Ethereum. Furthermore, BitPay converted payments made to dealers to fiat currency immediately to avoid price volatility.

Growing Adoption of Digital Assets

Crypto stakeholders consider this development as noteworthy given that digital assets are beginning to gain traction in real world use. As reported by Coinrise in 2021, Tesla in March also commenced accepting Bitcoin payments for its products but later suspended it. Although it hinted of a possible reconsideration, the electric car manufacturer remains silent on the issue.

Meanwhile, in the broader cryptocurrency space, the growing adoption continues with partnership deals sealed regularly. Recently, the collaboration between Binance and Mastercard makes it possible for users to make payments and deposits in cryptocurrencies.