Ferrari plans to start accepting cryptocurrency payments from its European dealers by the end of July, following a successful rollout of the scheme in the U.S.
According to a Reuters report, Ferrari will extend crypto payments to international dealers in regions where digital assets are legally accepted by the end of 2024. The company noted that the U.S. launch received a positive response and is key to addressing the evolving needs of its customers.
Ferrari stated that many of its dealers in the U.S. have already adopted or are in the process of adopting the new payment system, though specific adoption figures were not disclosed.
The company emphasised that the European rollout is a continuation of its strategy to offer alternative payment options to its clients. Despite challenges such as patchy regulation and high energy consumption associated with cryptocurrencies, Ferrari aims to facilitate smoother transactions.
According to Reuters, Bitpay will manage the crypto payments for Ferrari’s dealers, converting them into traditional currency to shield dealers from price volatility, while ensuring no additional fees or surcharges for customers.
Ferrari did not specify whether it would employ other payment processors for its European or international operations.
This development follows Ferrari’s introduction of crypto payments via BitPay in the U.S. less than a year ago.
Ferrari explained that the decision to accept cryptocurrency was driven by market and dealer requests, as many of its clients are crypto investors.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, noted that many of Ferrari’s clients are crypto investors.
By offering cryptocurrency as a payment option, the company aims to attract both
“young investors who have amassed fortunes in cryptocurrencies” and “more traditional investors looking to diversify their portfolios.”
“Some are young investors who have amassed wealth through cryptocurrencies,” Galliera said. “Others are more traditional investors seeking to diversify their portfolios”,
he noted.
Galliera emphasised that payments made with cryptocurrency would not incur surcharges, fees, or additional charges. However, he did not disclose the anticipated number of vehicles to be purchased using the new payment method.
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