Ferrari will accept Crypto Payments from Rich European Clients
Ferrari, an Italian luxury sports car manufacturer, has announced that starting at the end of July, it will extend its cryptocurrency payment system to its network of European dealers.
Ferrari plans to expand its cryptocurrency transaction choices to more nations within its global dealership network that have legalized virtual currencies by the end of 2024.
The Maranello-based company also revealed in its official press release this week that, to guarantee transaction security, it will use the experience of other organizations involved in the cryptocurrency payment industry.
Dealers won’t need to handle digital assets directly to accept payments because these systems instantly convert digital assets into conventional currencies.
Additionally, the solutions will simplify verifying the funding source and protect transactions from the volatility of currency rate-related pricing. Ferrari has not yet revealed which cryptocurrency assets will be available for the European rollout.
At this point, most of Ferrari’s European dealers have either implemented the new payment system in addition to the conventional ones or in production.
Following the successful launch of its cryptocurrency payment system in the US in October 2023, the company has expanded into the European sector. The company first partnered with BitPay, a supplier of digital asset payments, to enable cryptocurrency payments in the US.
Enrico Galliera, Chief Marketing and Commercial Officer of Ferrari stated that the goal was to draw in young investors who have made fortunes with cryptocurrency. He continued by saying that this will allow the upscale carmaker to interact with people who might not be their current clients but might buy a Ferrari.
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