Ferrari, the iconic Italian luxury sports car manufacturer, has recently announced plans to expand its cryptocurrency payment system. This expansion is set to take place in its network of European dealers starting from the end of July. Furthermore, Ferrari aims to extend its crypto transaction options to additional countries in its global dealership network by the end of 2024.
In an official press release, Ferrari revealed that it will leverage the expertise of various entities in the crypto payment sector to ensure the security of transactions. These solutions will allow dealers to accept payments without directly handling digital assets, as they will be instantly converted into traditional currency. The providers’ solutions will also aid in verifying fund sources and protecting transactions against the price volatility associated with exchange rates.
While specifics regarding the crypto assets available for the European rollout have not been disclosed, it is noted that most of Ferrari’s European dealers have already adopted, or are in the process of adopting, the new payment system in addition to the traditional ones. This move comes after the successful introduction of the crypto payment system in the United States in October 2023, where Ferrari initially partnered with BitPay, a digital asset payment provider.
According to Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, the implementation of the crypto payment system is aimed at attracting young investors who have accumulated wealth through cryptocurrencies. Galliera believes that this strategic move will enable the luxury automaker to engage with individuals who are not currently their customers but have the potential to become Ferrari owners in the future.
Ferrari’s decision to expand its cryptocurrency payment system signals the company’s commitment to staying at the forefront of technological advancements in the automotive industry. By embracing digital currencies and catering to the preferences of a new generation of investors, Ferrari is positioning itself for continued success and growth in the global marketplace.
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