🌎 Ferrari Expands Crypto Payments Across Europe by July

Luxury sports car maker Ferrari is expanding its crypto payment options across Europe, responding to the demands of its affluent clientele.

By the end of July, Ferrari plans to start accepting crypto payments through its European dealer network, less than a year after launching this initiative in the U.S. According to recent reports, Ferrari will also extend crypto payments to its international dealers in regions where digital assets are legally permitted by the end of 2024. This decision follows the positive reception of the payment system in the U.S., as Ferrari aims to meet the evolving needs of its customer base.

The Maranello-based company states that most of its dealers in the region have already adopted or are in the process of adopting the new payment system, though specific figures were not disclosed.

Ferrari started accepting crypto payments via BitPay in the U.S. less than a year ago. The company accepts Bitcoin (BTC), Ethereum (ETH), and USD Circle (USDC) as payment methods. However, these assets are automatically converted into fiat during the transaction process, so Ferrari does not store these cryptocurrencies.

Ferrari’s Chief Marketing Officer, Enrico Galliera, has previously mentioned that the adoption of crypto payments aligns with the company’s broader commitment to reducing its carbon footprint. This includes adopting new technologies and increasing the use of renewable energy sources.

This move contrasts with Tesla’s approach. The electric vehicle maker initially embraced Bitcoin payments in 2021 but later suspended them, citing environmental concerns. Despite these concerns, Tesla still held $640 million in BTC as of the second quarter.