Luxury sports car maker Ferrari is expanding its crypto payment options across Europe to cater to its affluent customers. Starting by the end of July, Ferrari will begin accepting cryptocurrency payments through its network of European dealers, following a similar rollout in the U.S. less than a year ago.
According to a Reuters report, Ferrari plans to extend crypto payments to its international dealers in regions where digital assets are legally allowed by the end of 2024. This follows the positive reception of the payment system in the U.S., which Ferrari sees as key to addressing its customers’ evolving needs.
Most dealers in the U.S. have either adopted or are in the process of adopting the new payment system, though specific numbers were not provided. Ferrari began accepting crypto payments through BitPay in the U.S. less than a year ago, accepting Bitcoin, Ethereum, and USD Circle (USDC). These cryptocurrencies are automatically converted to fiat during transactions and are not stored by the company.
Ferrari’s Chief Marketing Officer, Enrico Galliera, noted that adopting crypto payments supports the company’s broader goals of reducing its carbon footprint through new technologies and renewable energy. This approach contrasts with Tesla, which briefly accepted Bitcoin payments in 2021 but later suspended them due to environmental concerns. Tesla still held $640 million in BTC as of Q2.
