Ferrari Expands Its Crypto Payment System to Dealers Across Europe

After a successful launch in the US market, Ferrari is expanding its crypto payment system to dealers all across Europe starting at the end of July this year.

Car manufacturer Ferrari is expanding its crypto payment system to include dealerships across Europe, starting at the end of July this year, according to a company blog post.

The automaker said it is actively working with several crypto companies to ensure transaction security and protect dealers from price volatility.

Ferrari’s Expansion to Europe

This comes less than a year after the automaker launched the crypto payment system in the US and Canada in October 2023. At the time, the company worked with BitPay, one of the largest crypto payment processors, to allow customers to buy Ferraris with Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).

Related: US Residents Can Now Buy a Ferrari with Crypto; EU to Follow

Moreover, Ferrari said dealers will be able to accept crypto payments without having to directly manage cryptocurrencies, as these will be converted into traditional currency at the point of payment.

Over half of European dealers already use or integrate the system, the company said, with more countries to follow by the end of 2024.

Wen Ferrari?

Ferrari’s decision to expand crypto payments highlights the growing acceptance of crypto assets among high-profile companies and organizations in the European market.

Crypto investors after Ferrari starts accepting crypto payments:pic.twitter.com/PkPEkaqInD

With a market capitalization of around $70B (AU$106B), Ferrari is now among the high-end automakers that have embraced crypto as a payment solution — alongside brands like Lamborghini and BMW.

The move also comes a month after the Markets in Crypto-Assets (MiCA) began applying in June of this year. This regulatory framework, which will be fully implemented in December, divides cryptocurrencies into three categories: utility tokens, asset-referenced tokens (ARTs), and e-money tokens (EMTs).

Ferrari’s crypto payment system will likely fall under EMTs, which refer to electronic money used for purchasing goods (like cars) and reference fiat currencies.

It’s not just automakers, though. Other organizations from different fields, including those in football and combat sports, are embracing cryptocurrencies like BTC as part of their portfolios or as operational assets.

Related: Bitcoin Buying Spree: UK Football Club and Japanese Metaplanet Load up on BTC

Companies like the UFC have partnered with crypto exchange giant Crypto.com. Meanwhile, clubs like the Real Bedford FC hold BTC as a long-term asset for stability and growth.

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