Ferrari, the renowned Italian luxury sports car manufacturer, has broadened its crypto payment system to include its European dealers.
This initiative will cater to Ferrari’s affluent European customers starting this month.
European Ferrari Buyers Can Now Pay with Bitcoin, Ethereum, and USDC
Despite the volatile nature of cryptocurrencies, Ferrari’s move to accept digital currencies aligns with the demands of its wealthy clientele, who prefer alternative payment methods. Reuters reports that the company plans to further extend this scheme to other international dealers by the end of 2024, contingent on local regulations permitting crypto transactions .
Ferrari’s foray into crypto payments began in the US, where it partnered with BitPay, one of the largest crypto payment processors. BitPay facilitates transactions in Bitcoin (BTC), Ethereum (ETH), and USDC. This ensures that Ferrari’s dealers are shielded from the inherent price fluctuations of these digital currencies.
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Industry experts have weighed in on Ferrari’s latest venture, praising the company for its forward-thinking approach. Aviessa Khoo, Singapore Executive Director at Mercuryo, remarked that Ferrari’s decision to start accepting crypto payment methods for its luxury sports cars in Europe is likely to be recognized as a very astute move over time.
“As the boundaries between the fiat world and cryptocurrency inexorably begin to fall away, a new generation of consumers is becoming increasingly comfortable with paying in crypto,” Khoo told BeInCrypto in an email.
Elitsa Taskova, the CPO at Nexo, also contributed her thoughts on Ferrari’s new initiative. She mentioned that luxury manufacturers’ decision to integrate crypto payments signifies both a bullish phase in the market and growing crypto adoption.
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Ferrari’s venture further strengthened the trend within the automotive sector to explore the Web3 sector . For example, Toyota has actively explored Blockchain technology via its Toyota Blockchain Lab. The company plans to create a Mobility-Oriented Account (MOA) using Ethereum’s ERC-4337 standard, potentially transforming vehicles’ digital management and operations.
