Italian luxury sports car manufacturer – Ferrari – announced plans to expand its cryptocurrency payment system to its network of European dealers from the end of July.
Ferrari also intends to extend its crypto transaction options to additional countries in its global dealership network where digital currencies are legally recognized, by 2024-end.
In its official press release this week, the Maranello-based company also disclosed that it will utilize the expertise of several entities active in the crypto payment sector to ensure transaction security. These solutions will enable dealers to accept payments without directly handling digital assets, as these will be instantly converted into traditional currency.
Additionally, the providers’ solutions will facilitate the verification of fund sources and protect transactions against price volatility associated with exchange rates.
Ferrari has not yet specified which crypto assets will be made available for the European rollout.
“To date, most of Ferrari’s European dealers have already adopted or are in the process of adopting the new payment system that adds to the traditional ones.”
The latest expansion into the European market comes after the successful rollout of its crypto payment system in the US in October 2023. To facilitate crypto payments in the US, the company first teamed up with digital asset payment provider BitPay.
In a statement to Reuters, Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera said that the move aims to attract the young investors who have amassed wealth through cryptocurrencies. He added that this will enable the luxury automaker to engage with individual who may not currently be their customers but could potentially purchase a Ferrari.