Ferrari starts accepting crypto in Europe to meet demand from wealthy buyers

Luxury sports car maker Ferrari is broadening its crypto payment options across Europe in response to demands from its wealthy clientele.

Ferrari is set to start accepting crypto payments among its European dealers network by the end of July, less than a year after rolling out this scheme in the U.S.

As per a Reuters report, Ferrari will also roll out crypto payments to its international dealers in regions where digital assets are legally permitted by the end of 2024. This decision follows the positive reception of the payment system in the U.S., which Ferrari views as crucial to meeting the evolving needs of its customer base.

The Maranello-headquartered company claims that most of its dealers in the region have already adopted or are in the process of adopting the new payment system, though specific figures weren’t disclosed.

The development comes less than a year after Ferrari started accepting crypto payments via BitPay in the U.S. The company accepts Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) as a payment method, though it doesn’t store these assets as they’re automatically converted into fiat during the transaction process.

Ferrari’s CMO Enrico Galliera previously highlighted that the adoption of crypto payments aligns with the company’s broader commitment to reducing its carbon footprint, which includes the adoption of new technologies and increased use of renewable energy sources.

This move contrasts with Tesla’s approach. The electric vehicle maker initially also embraced Bitcoin payments in 2021 but later suspended them citing environmental concerns. Despite these concerns, Tesla still held $640 million in BTC as of Q2.