Ferrari to expand crypto payments for cars to Europe following US launch

Luxury sports car giant Ferrari is set to expand crypto payment options to its European dealer network this month following its U.S. launch.

The Italian firm will also extend the scheme to other dealers in its international network within countries where cryptocurrencies can be legally accepted, according to a statement shared with The Block.

Ferrari initially rolled out crypto payment options for its cars in the U.S. in October and had intended to expand to Europe in the near future. The initial decision was made in response to requests from the market and dealers, with many of Ferrari’s clients invested in cryptocurrencies.

"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 support dealers in better addressing the evolving needs of its clients," the company said, adding that most dealers in the region have already adopted the solution or are in the process of doing so.

Ferrari partnered with BitPay as its cryptocurrency payment processor for the U.S. launch, accepting payments in bitcoin, ether and the USDC stablecoin, with crypto payments to dealers immediately converted into fiat currency to protect them from “price fluctuations.”

However, it remains unclear which crypto payment processors Ferrari will use in Europe and other regions.

In 2021, electric car manufacturer Tesla also began accepting payments in bitcoin. However, CEO Elon Musk subsequently suspended crypto payments for car purchases due to environmental concerns connected to bitcoin mining.

Updated following a statement from Ferrari.