Ferrari extends crypto payments to European dealers
Ferrari will extend its cryptocurrency payment system to its network of European dealers from the end of July. The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, a decision that the firm said would be to support dealers in better addressing the evolving needs of its clients.
By the end of 2024, Ferrari says that it will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted. While some companies have shied away from accepting crypto due to the volatility of the currency, Ferrari has instead chosen to respond to requests from some of its wealthiest customers.
Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security. These solutions, it says, will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency. The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates.
To date, most of the Italian supercar maker’s European dealers have already adopted or are in the process of adopting the new payment system that adds to the traditional ones.
