Ferrari, the iconic Italian luxury car brand, is set to revolutionize the European automotive market by accepting cryptocurrency payments starting in July 2024.
This strategic move, following their successful launch in the US, means that Ferrari enthusiasts in Europe can soon purchase their dream cars using Bitcoin, Ethereum, and USD Coin.
Read on to discover more about Ferrari's innovative approach to embracing digital currencies.
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Ferrari's Successful Cryptocurrency Integration in the US
On July 24, 2024, Italian luxury car manufacturer Ferrari announced its plan to extend cryptocurrency payment options to its European dealer network starting at the end of July.
This follows Ferrari's initial adoption of cryptocurrency payments in the United States in October 2023, through a partnership with BitPay, a leading cryptocurrency payment service provider.
Ferrari's decision to expand cryptocurrency payment acceptance to the European market comes after the successful implementation of this payment method in the United States.
By the end of 2024, Ferrari plans to offer cryptocurrency payments in other countries where cryptocurrencies are legally accepted.
The cryptocurrency payment solution adopted by Ferrari instantly converts the cryptocurrency received into fiat currency.
This process ensures that dealers do not need to manage cryptocurrencies directly, simplifying the payment process for both Ferrari and its customers.
Cryptocurrencies Accepted by Ferrari
While the specific types of cryptocurrencies that will be accepted in Europe have not been disclosed, in the US, Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) were accepted.
It is likely that these cryptocurrencies will also be available for payments in the European market.
BitPay, known for assisting various companies, including renowned brands, in integrating cryptocurrency payments, provides a service that easily accommodates a wide range of cryptocurrencies.
This capability suggests potential for further expansion of supported cryptocurrencies in the future.
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