Ferrari adds payments with Bitcoin and other cryptocurrencies to its dealers in Europe

Ferrari adds payments with Bitcoin and other cryptocurrencies to its dealers in Europe

Italian luxury carmaker Ferrari has announced that it will begin accepting cryptocurrencies as a means of payment for its vehicles in Europe.

The initiative is part of the expansion of its digital payments strategy with crypto assets, which was initially implemented in the United States in October last year.

Through a recent statement, the company reported that Its entire European dealer network will incorporate payments with Bitcoin and other cryptocurrencies, to enrich the experience of its customers and satisfy their demands and needs with these digital assets.

According to Ferrari, the launch of the alternative cryptocurrency payment system in the United States has been a complete success, which has motivated the company to expand crypto asset transactions to other countries around the world.

Ferrari and cryptocurrencies: A marriage between luxury and innovation

From the end of July, Ferrari's European customers will be able to purchase a dream supercar using some of the most important digital assets on the market. Furthermore, by the end of 2024, the company will have extended cryptocurrency payment methods to its international dealer network around the world.

The incorporation of cryptoassets into Ferrari's payment methods represents a decision that reinforces the company's commitment to innovation and adaptation to the changing needs of its customers.

However, from the Maranello headquarters, Ferrari he pointed which will not directly handle cryptocurrencies or its dealers in Europe. Instead, it has partnered with companies in the crypto payments sector to ensure secure transactions.

“These solutions will make it easier for merchants to accept payments without having to directly manage cryptocurrencies, as they will be immediately converted into traditional currency. The providers’ solutions will also allow verification of the origin of funds and protect transactions from price fluctuations related to exchange rates.”, Ferrari said.

In this way, the company will offer a simple way for its customers to purchase their luxury cars using crypto assets, while protecting themselves from the typical volatility of these digital assets in the market.

Connecting with a diverse audience

Ferrari’s decision to accept cryptocurrencies among its payment methods shows an understanding that its target audience includes a growing number of Millennials and Gen Z, known for being technologically sophisticated and attractive to digital assets. The company hopes that this approach will allow it to better serve this customer segment.

“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 help retailers better address the changing needs of their customers.”

The company’s expansion into the crypto market also marks a wave of change in the automotive industry. To date, Ferrari is not the only car manufacturer to have taken note of these digital assets. Toyota, another automotive giant, has been exploring the use of Ethereum’s blockchain technology in its Mobility 3.0 project, with the aim of turning cars into services and facilitating car-sharing.

Toyota recently shared an article explaining how to introduce mobility to the Ethereum public blockchain and how this innovation will enable data and information to be shared more securely, transparently and effectively within business networks, to streamline procedures and optimize processes in general.

The future of cryptocurrency adoption

Ferrari’s decision to accept cryptocurrencies as a form of payment is a significant step towards the mainstream adoption of these digital assets. As more companies follow the example of Ferrari and other luxury brands, we are likely to see an increase in the acceptance and use of crypto assets across all industries and in all aspects of everyday life.

In short, Ferrari’s decision is an indicator of the paradigm shift that is occurring in the automotive industry and beyond. As more companies adopt digital assets as a form of payment, we are seeing the integration of blockchain technology and cryptocurrencies into everyday life. This is an exciting step towards a future where cryptoassets can be as widely accepted and used as traditional fiat currencies.