Ferrari, one of the world's most recognized renowned luxury sports car manufacturers, has announced the expansion of its cryptocurrency payment system to its European dealership network. This move by the luxury sports car company follows the successful launch of the scheme in the United States last year, where the company began accepting payments in Bitcoin, Ether, and USDC to meet the growing demand from its affluent clientele.
Expanding in Europe
From the end of July 2024, Ferrari’s European customers will now be able to buy Ferrari with Bitcoin and other acceptable cryptocurrencies. Ferrari cryptocurrency payment supports a modern and flexible payment option that aligns with the evolving preferences of its growing consumer base.
According to the company, the Ferrari cryptocurrency payment scheme will also extend to other countries in Ferrari's international dealer network by the end of 2024, provided cryptocurrencies are legally accepted in those regions.
"The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients," Ferrari stated on its website.
In a statement made available to Reuters, Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera said that the company wants to attract the young investors who have made wealth via cryptocurrencies. He added that this will open a corridor for the company to engage with individuals who may not be their customers at the moment, but could potentially purchase a Ferrari.
The company's decision to open its doors to cryptocurrency payments sets it apart from many blue-chip companies that have largely shied away from crypto due to the instability, unpredictability, and volatility of digital currencies like Bitcoin. However, Ferrari cryptocurrency payments have been set up in such a way that it mitigates these risks.
The car manufacturer is collaborating with BitPay in the United States, a leading cryptocurrency payment processor, to immediately convert cryptocurrency payments into traditional currency. This arrangement protects Ferrari dealers from price fluctuations and makes sure customers face no additional fees or surcharges, a win-win situation for both the dealers and the buyers.
Ferrari is yet to comment on whether the company plans to adopt the same or similar payment processors in Europe and other regions.
Adoption, Future Plans, and Receptions
With this entry into the European market, Ferrari is showing a commitment to meeting customer needs and staying ahead of industry trends. Some of Ferrari's European dealers have already adopted or are in the process of adopting the new payment system, which is expected to complement traditional payment methods.
Industry watchers have commended the firm for its braveness, especially in the face of challenges such as patchy regulation and high energy usage associated with cryptocurrencies.
Ferrari's expansion of cryptocurrency payments to Europe is another strategic move from the decision makers of the automaker that shows its forward-thinking approach. The company, by allowing customers to buy Ferrari with Bitcoin, will not only cater to the preferences of its wealthy customers but also maintain its position as a leader in the luxury sports car industry. For potential customers, it must be a thing of joy to know that Ferrari supports cryptocurrency payments.