Bitcoin, ETH, USDC

Ferrari now accepts cryptocurrencies in Europe

A Ferrari Roma

(Bild: Ferrari)

Ferrari customers will soon be able to pay for the Italian sports car manufacturer's luxury cars with cryptocurrencies in Europe too. By the end of the month, the payment system already in operation in the USA is to be extended to the European dealer network, Ferrari announced on Wednesday.

By the end of the year, other countries where cryptocurrencies are permitted by law will also follow. "The entry into the European market follows the successful launch of this alternative payment system in the US less than a year ago to help merchants better meet the evolving needs of their customers," Ferrari explained.

Although most large companies are staying away from cryptocurrencies due to the volatility of Bitcoin and other tokens, Ferrari began accepting payments in this form in the U.S. last fall. "This will help us connect with people who are not necessarily our customers, but who could afford a Ferrari," head of marketing Enrico Galliera had said at the time.

Purchase in Bitcoin, Ethereum and USDC possible
For the launch of its program in the USA, Ferrari turned to BitPay, one of the largest cryptocurrency payment processors, and enabled transactions in Bitcoin, Ether and USDC, one of the largest so-called stablecoins. Under the program, BitPay converts crypto payments into traditional currencies on behalf of Ferrari merchants to protect them from price fluctuations. There are no fees or surcharges for customers. The company did not disclose whether Ferrari will use other payment processors in Europe and other regions.

Bitcoin continues to be viewed very critically in Europe. In the view of the European Central Bank (ECB), Bitcoin is not a currency, but merely a speculative vehicle whose value is influenced by massive fluctuations. The monetary authorities also criticize the fact that Bitcoin is repeatedly used for criminal activities such as money laundering.