Ferrari extends crypto payment system to Europe after US launch

• Ferrari has announced it will begin to accept crypto payments for its luxury sports cars in Europe.
• The expansion starts from the end of July, with this coming after the Italian car maker launched its crypto payment scheme in the United States.

Ferrari will accept crypto payments for its luxury sports cars from customers in Europe from the end of July, the Italian car maker announced on Wednesday.

According to a report by Reuters, Ferrari is expanding its cryptocurrency payments system to European dealers of its cars, adding the new market to its presence in the United States. Other than Europe, the luxury sports car maker will look to bring the crypto payments system to its other dealer networks across the globe.

Ferrari to accept crypto payments in Europe

Ferrari began accepting crypto for its cars in the US in 2023. Per the Reuters report on July 24, the company plans to have the same scheme available in Europe and other countries. However, this will only be available where crypto payments are legally accepted.

The target for the EU launch is the end of this month, while other jurisdictions should have support for crypto by the end of this year.

Expansion into Europe allows Ferrari to bring an alternative payment method for its European customers amid the evolving market, the company noted. Last year, when Ferrari launched the pay with crypto option, it tapped major crypto payments processor BitPay.

While the announcement released on Wednesday does not state the crypto partner, the company did acknowledge that most dealers across Europe are already getting ready for the rollout. Most of these companies have integrated or are in the process of adding support for the new scheme, the report added.

Ferrari’s partnership with BitPay allowed clients to buy cars with Bitcoin, Ethereum and USDC.

Bitpay helps convert crypto into traditional currencies on payment completion, with this helping merchants safeguard against potential price swings.

BitPay announced in June that it had joined MoonPay’s partner network to bring PayPal payments to its users in the US and EU.