Ferrari Expands Crypto Payment Support for European Customers
Date: 2024-07-25 Author: Oliver Abernathy Categories: BUSINESS
The Italian automobile company Ferrari announced the start of accepting crypto-payments for its customers from Europe. The new option is expected to become available towards the end of July 2024. Previously, this service was provided exclusively to US residents.
Expanding opportunities for clients
Ferrari, known for its sports and racing cars, has taken a step towards expanding its services by adding the ability to pay using cryptocurrencies. In 2023, the company began accepting such payments in the United States to meet the needs of high-net-worth clients. Now, after a successful launch in America, Ferrari has decided to offer this option to European customers as well.
The company noted that the introduction of crypto-payments in Europe became possible thanks to the positive experience gained in the United States. The new move is designed to meet the growing needs of customers and help dealers adapt to the changing market.
Ferrari does not rule out the possibility of introducing crypto-payments in other countries where the use of crypto-currencies in payment transactions is legal. Such regions include, for example, El Salvador, Australia and Canada.
In the United States, Ferrari has entered into an agreement with the BitPay payment service, which accepts cryptocurrency payments. BitPay allows transactions in Bitcoin, Ethereum and USDC stablecoin. Payments are converted into traditional currency instantly, protecting dealers from cryptocurrency price fluctuations and freeing customers from additional fees.
Comparison with other automakers
It should be noted that Ferrari is not the first company in the automotive industry to start accepting cryptocurrency. In 2021, Tesla also added the ability to pay for orders with Bitcoin, but later abandoned this option due to environmental concerns associated with mining.
Honda Motor also recently enabled crypto asset support for its US customers, highlighting the auto industry's growing interest in new payment technologies.
Ferrari's expansion into the crypto payments space underscores its commitment to adapt to modern market demands and meet the needs of customers seeking convenient and modern payment methods. Innovation in European countries will be an important step in the development of the company and expansion of its customer base in the international arena.
