Ferrari extends crypto payment system after US start to Europe

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

According to a report by Reuters, Ferrari extends its cryptocurrency payment system to European retailers of its cars, thereby expanding its presence in the United States with the new market. In addition to Europe, the manufacturer will try to bring the crypto payment system into its other dealer networks around the world.

ferrari accepts crypto payments in Europe

Ferrari in the USA starts to accept cryptocurrencies for its cars from 2023. According to Reuters Report On July 24th, the company wants to offer the same system in Europe and other countries. However, it will only be available where crypto payments are legally accepted.

The goal for the introduction in the EU is at the end of this month, while in other countries cryptocurrencies should be supported by the end of this year.

The expansion to Europe enables Ferrari to offer its European customers an alternative payment method in the developing market, according to the company. When Ferrari introduced the "Payment with cryptocurrency" option last year, it used the large crypto payment processor Bitpay.

While the announcement of the crypto partners published on Wednesday, the company admitted that most dealers across Europe are already preparing for the introduction. Most of these companies have already integrated the new system or are to add support for this, the report continued.

Through Ferrari's partnership with Bitpay, customers were able to buy cars with Bitcoin, Ethereum and USDC.

Bitpay supports in conversion of cryptocurrencies to traditional currencies after the payment has been completed and thus protects traders from potential price fluctuations.

Bitpay announced in June that it joined The partner network of Moonpay enables its users in the USA and the EU PayPal payments.