- Over half of European dealers are already using the system, the automaker said in a blog.
- Dealers won’t have to worry about price fluctuations as all crypto will be automatically converted to fiat.
- The automaker plans to expand to other markets by the end of 2024.
After a successful launch in the US market, Ferrari is expanding its crypto payment system to dealers all across Europe starting at the end of July this year.
According to the company’s blog post, Ferrari is actively working with several crypto companies to ensure transaction security and protect dealers from price volatility.
Ferrari’s Expansion to Europe
It comes less than a year since the automaker launched the crypto payment system in the US and Canada in October 2023. The company worked with BitPay, one of the largest crypto payment processors, to allow customers to buy Ferraris with Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
Related: Wen Lambo? US Residents Can Now Buy a Ferrari with Crypto; EU to Follow
Further, Ferrari said dealers could accept crypto payments without having to manage cryptocurrencies directly, as these will be converted into traditional currency at the moment of payment.
Over half of European dealers already use or integrate the system, the company said, with more countries to follow by the end of 2024.
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.
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Ferrari’s decision to expand crypto payments highlights the growing acceptance of crypto assets among high-profile companies and organisations in the European market.
With a market capitalisation of around US$70B (AU$106B), Ferrari is now among the high-end automakers that have embraced crypto as a payment solution —alongside brands such as Lamborghini and BMW.
The move also comes a month after the Markets in Crypto-Assets (MiCA) began applying in June of this year. This regulatory framework, which will be fully implemented in December, divides cryptocurrencies into three categories: utility tokens, asset-referenced tokens (ARTs), and e-money tokens (EMTs).
Ferrari’s crypto payment system will likely fall under EMTs, which refer to electronic money used for purchasing goods (like cars) and reference fiat currencies.
It’s not just automakers, though. Other organisations from different fields, including those in football and combat sports, are embracing cryptocurrencies like BTC as part of their portfolios or as operational assets.
Related: Bitcoin Buying Spree: UK Football Club and Japanese Metaplanet Load up on BTC
Companies like the UFC have partnered with crypto exchange giant Crypto.com. Meanwhile, clubs like the Real Bedford FC hold BTC as a long-term asset for stability and growth.
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