Ferrari extends cryptocurrency payment system to Europe after US launch

MILAN, July 24 (Reuters) – Ferrari (RACE.MI, opens new tab said on Wednesday it would extend its scheme to accept payments in cryptocurrency for its luxury sports cars to its European dealers network from the end of this month, after starting in the United States last year. The Italian company will also extend the scheme by the end of 2024 to other dealers of its international network, in countries where cryptocurrencies are legally accepted, it said in a statement. Although the vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens make them impractical for commerce, Ferrari started last year to accept payments in cryptocurrency in the U.S., to meet requests from its wealthy customers. “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. It added that most of its dealers in the region have already adopted or are in the process of adopting the new payment system. Patchy regulation and high energy usage have also so far prevented the spread of crypto as a means of payment. Countries where cryptocurrencies are restricted include China. For the launch of its scheme in the U.S. Ferrari had turned to one of the biggest cryptocurrency payment processors, BitPay, and allowed transactions in bitcoin, ether and USDC, one of the largest so-called stablecoins. As part of the scheme Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, protecting them from price swings, while excluding fees or surcharges for clients. Ferrari on Wednesday did not provide details on whether it would use other payment processors in Europe and in other regions.

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