Ferrari to accept crypto payments in Europe

Ferrari is set to extend its acceptance of cryptocurrency payments to Europe from the end of July.

The Italian carmaker explained in a statement that this move will better address the “evolving needs of its clients.”

Ferrari has said that it will begin accepting crypto transactions in other countries where crypto is currently legal tender by the end of 2024, after launching in the US last year.

“Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security,” the Italian carmaker said in its statement.

“These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency.”

In the US, Ferrari uses the crypto payment platform ‘Bitpay’, which performs this conversion.

Ferrari said that this approach allows it to verify the source of funds and protect transactions from price fluctuations related to exchange rates.

The high energy usage of cryptocurrencies has deterred other car manufacturers, such as Tesla, from accepting them as a form of payment – although it now accepts the cryptocurrency ‘Dogecoin’ for merchandise purchases.

In 2021, Tesla began accepting Bitcoin before its CEO, Elon Musk, halted it citing “environmental concerns.”

When Ferrari first accepted crypto payments in the US last year, its chief marketing and commercial officer, Enrico Galliera, told Reuters that cryptocurrency providers have made efforts to reduce their carbon footprint.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.

Galliera added that the decision came in acknowledgement that many of its clients have invested in crypto.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Others are more traditional investors who want to diversify their portfolios.”