Ferrari, the renowned Italian luxury sports car manufacturer, has recently revealed its plans to broaden its cryptocurrency payment system to its network of European dealers starting at the end of July. By the year 2024, the company aims to extend its crypto transaction options to additional countries within its global dealership network where digital currencies are legally recognized.
According to an official press release issued this week, the Maranello-based company will be collaborating with various entities involved in the crypto payment sector to guarantee transaction security. These innovative solutions will enable dealers to accept payments without the need to directly handle digital assets, as they will be promptly converted into traditional currency. Moreover, the providers’ solutions will streamline the verification of fund sources and safeguard transactions against the price volatility typically associated with exchange rates.
Ferrari has not yet disclosed which specific crypto assets will be accessible for the European rollout. The company revealed that most of its European dealers have already implemented or are currently in the process of adopting the new payment system, which complements the traditional payment methods. This strategic move into the European market follows the successful introduction of its crypto payment system in the United States back in October of 2023.
In the US, Ferrari initially partnered with digital asset payment provider BitPay to facilitate crypto payments. Enrico Galliera, Ferrari’s Chief Marketing, and Commercial Officer, highlighted that the objective behind this initiative is to appeal to the younger generation of investors who have accumulated wealth through cryptocurrencies. He emphasized that by embracing cryptocurrency payments, the luxury automaker can establish connections with individuals who may not currently be their clients but have the potential to become Ferrari owners in the future.
Overall, Ferrari’s decision to expand its cryptocurrency payment system across European dealerships underscores the company’s commitment to innovation, meeting the evolving needs of its clientele, and staying ahead of the curve in the automotive industry. This strategic move can potentially open new doors for the brand and attract a more diverse and tech-savvy customer base.
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