Ferrari will accept cryptocurrencies for its luxury sports cars among its European consumers starting at the end of July, the Italian automaker announced on Wednesday.
According to a Reuters report, Ferrari is expanding its cryptocurrency payment formula to European car racers, adding a new market to its presence in the United States. Outside of Europe, the luxury sports car manufacturer will look to introduce the cryptocurrency payment formula to its broker networks around the world.
Ferrari began accepting cryptocurrencies for its cars in the United States in 2023. According to the Reuters report on July 24, the company plans to offer the same formula in Europe and other countries. However, this will only be available where cryptocurrencies are legally accepted.
The EU launch target is the end of this month, while other jurisdictions are expected to crypto until the end of this year.
Ferrari’s expansion into Europe will offer an alternative payment method to its European consumers in an evolving market, the company said. Last year, when Ferrari introduced the crypto payment option, it brought on board leading crypto payment processor BitPay.
While Wednesday’s announcement did not mention the crypto partner, the firm claimed that most European scalpers are already preparing for the launch. Most of those companies have joined or are in the process of being added to the new program, the report adds.
Ferrari’s partnership with BitPay has allowed consumers to buy cars with Bitcoin, Ethereum, and USDC.
Bitpay is helping to convert cryptocurrencies into traditional currencies at the end of the payment, helping investors hedge against potential price fluctuations.
BitPay announced in June that it had joined MoonPay’s partner network to offer PayPal invoices to its users in the U. S. The U. S. and the EU.
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