If you’re in Europe and looking to buy a Ferrari, now you can choose to pay with cryptocurrencies. The Maranello-based carmaker recently announced the expansion of its cryptocurrency payment system across its entire European dealer network.
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This move follows Ferrari’s introduction of cryptocurrency payments in the United States just over 9 months ago. The Italian manufacturer’s aim is to expand this option further by the end of 2024 to more international markets where digital assets like Bitcoin, Ethereum, and stablecoins are legally accepted.
In Europe, starting from the end of this month of July, Ferrari customers can purchase their next supercar using cryptocurrencies. The Prancing Horse brand stated that offering this option aims to better cater to the evolving preferences of its exclusive clientele.
However, it’s important to note that Ferrari itself will not directly handle cryptocurrency assets, nor will its European dealerships. Ferrari clarified that the cryptocurrency payment process in Europe will mirror the system already in place for the public in the United States.
Starting at the End of July, You Will Be Able to Buy a Ferrari in Europe with Cryptocurrencies
Ferrari announced its partnership with several companies in the cryptocurrency payments sector to ensure secure transactions. However, it has not yet revealed which companies will handle transactions involving these assets.
In the United States, the Maranello brand works with Bitpay. This platform allows buyers to pay for cars using Bitcoin, Ethereum, or the stablecoin USDC, and it automatically converts cryptocurrencies into fiat currency. This setup ensures that Ferrari’s sellers are protected from the volatility of assets like BTC and ETH.
In Europe, payments made to Ferrari in cryptocurrencies will also be immediately converted into traditional money. The platforms providing this service to Ferrari will also verify the origin of the funds to prevent purchases with assets obtained illegally or without proper registration.
“The suppliers’ solutions will verify the origin of funds and protect transactions from price fluctuations related to exchange rates,”
the manufacturer said.
While cryptocurrency payments will become available from the end of this month, Ferrari assures that most of its European dealerships have already adopted this new payment method or are in the process of doing so.
Just as in the United States, cryptocurrencies will be added to the conventional payment methods that Ferrari already accepts. It will be interesting to see if more carmakers and premium brands begin working with digital assets. Ferrari’s quick expansion of this option to Europe, despite the European Union’s ongoing efforts to regulate the crypto sector, is a noteworthy development.
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