Ferrari, the renowned Italian luxury sports car manufacturer, is set to expand its payment options by introducing cryptocurrency transactions across its European dealerships starting at the end of July 2024.
This move is aimed at attracting affluent clients who have accumulated significant wealth through digital currencies.
The European rollout follows Ferrari's successful implementation of its crypto payment system in the United States, which began in October 2023.
In the U.S., Ferrari partnered with BitPay, a leading digital asset payment provider, to facilitate cryptocurrency transactions, catering to wealthy customers preferring digital assets for high-value purchases.
In Europe, Ferrari will employ a similar system, integrating cryptocurrency payments across its dealer network.
The company has engaged multiple entities specialising in crypto payment solutions to ensure secure and efficient transactions.
Dealerships will be able to accept cryptocurrencies and convert them instantly into traditional fiat currencies, thus avoiding direct handling of digital assets and addressing concerns related to cryptocurrency price volatility.
Ferrari has not yet disclosed which cryptocurrencies will be supported in Europe.
The initiative is designed to appeal to young, wealthy investors who have gained substantial fortunes through cryptocurrencies.
Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, stated that the goal is to reach a broader client base and enhance the brand's market presence.
Most of Ferrari’s European dealerships are either adopting or preparing to implement this new payment system, which will complement traditional payment methods.
This strategic move underscores Ferrari's commitment to innovation and its ambition to lead in the evolving luxury automotive market.