Ferrari Expands Crypto Payment Options to European Dealers

Luxury sports car giant Ferrari is set to expand its cryptocurrency payment options to its European dealer network this month, following a successful launch in the U.S.

The Italian company plans to extend this payment scheme to other international dealers in countries where cryptocurrencies are legally accepted, according to a Reuters report on Wednesday.

Ferrari initially introduced crypto payment options for its cars in the U.S. in October, responding to market and dealer demand, with many of Ferrari’s clients already invested in cryptocurrencies.

"The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago," Ferrari said. The company noted that most European dealers have already adopted the solution or are in the process of doing so, according to Reuters.

For its U.S. launch, Ferrari partnered with BitPay as its cryptocurrency payment processor, accepting payments in bitcoin, ether, and the USDC stablecoin. Crypto payments to dealers are immediately converted into fiat currency to protect them from price swings. However, it remains unclear which crypto payment processors Ferrari will use in Europe and other regions.

In 2021, electric car manufacturer Tesla also began accepting payments in bitcoin. However, CEO Elon Musk later suspended crypto payments for car purchases due to environmental concerns related to bitcoin mining.