In a bold move to cater to the evolving needs of its clientele, Ferrari (NYSE:RACE) announced on Wednesday that it will expand its cryptocurrency payment option to its European dealers network by the end of this month.
This decision follows the successful implementation of the scheme in the United States last year, where Ferrari first introduced cryptocurrency as a payment method to meet the demands of its affluent customers.
The Italian luxury sports car maker plans to further extend this payment facility to other international dealers by the end of 2024, targeting countries where the use of cryptocurrencies is legally permitted.
This initiative positions Ferrari among the few blue-chip companies embracing digital currencies despite their volatility and the general reluctance in the corporate sphere due to the unpredictable nature of tokens like Bitcoin.
Ferrari's U.S. launch involved collaboration with BitPay, a leading cryptocurrency payment processor, allowing transactions in Bitcoin, Ether, and USDC—a major stablecoin.
This partnership ensures that cryptocurrency payments are converted into traditional currency instantly, safeguarding dealers from potential financial fluctuations and offering clients a seamless transaction experience without additional fees.
The company has yet to disclose whether it will employ BitPay or other payment processors for its rollout in Europe and other regions.
Meanwhile, most Ferrari dealers in Europe are either already equipped or are gearing up to adopt this innovative payment system, marking a significant shift in how luxury car purchases can be conducted in the digital age.