Ferrari, the renowned Italian luxury sports car manufacturer, will introduce crypto payment options to its European dealers from the end of this month, allowing clients to purchase their vehicles using cryptocurrencies like Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
According to a July 24 press release, most of Ferrari's European dealers have already integrated or are in the process of integrating this new payment method alongside traditional ones.
"By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted," the company stated.
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Ferrari clarified that dealers won't handle cryptocurrencies directly; instead, customers' crypto assets will be instantly converted into fiat currencies and transferred to the dealers' bank accounts. The company also noted:
The providers' solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates.
The decision to extend crypto payments to the European market follows a successful launch in the United States in October 2023 through a partnership with BitPay, a crypto payment service provider. Currently, approximately 50% of Ferrari dealers in the US and Canada are using the platform.
However, dealers in certain countries have been excluded due to regulatory challenges and the lack of viable market solutions.
This initiative underscores Ferrari's dedication to embracing new technologies and providing customers with more flexible payment options.
In other news, the European Commission has recently announced that Elon Musk's X might have violated the Digital Services Act. If the preliminary findings were confirmed, the company could face fines exceeding $200 million.
