Ferrari to accept crypto payments in Europe by end of July following US launch

Italian luxury carmaker Ferrari announced on Wednesday that it is preparing to extend the company's acceptance of cryptocurrency payment systems to Europe from the end of July.

According to a report by Reuters on Wednesday, the Italian company plans to expand the program to additional dealers within its global network in nations where cryptocurrency adoption is permitted by law.

Following the successful launch of the cryptocurrency payment system in the US in October 2023, Ferrari is making its way into the European market. Ferrari first collaborated with BitPay, a significant local cryptocurrency payment company that services well-known international brands like AMC Theaters, the electronics retailer Newegg, and others, to allow crypto payments in the US.

A Ferrari representative stated that, "As of right now, the platform is utilized in both the U.S. and Canadian markets—by around 50% of the dealers." The representative stated, "So far, about 60% of the dealers in Europe have adhered to or are in the process of adhering to this project." He continued by saying that the absence of market solutions and regulatory constraints prevented dealers in particular nations from participating. It is still unknown, though, which cryptocurrency payment processors Ferrari plans to use in Europe and other regions.

It was earlier reported that the popular electric vehicle maker, Tesla updated its website in May 2024 to accept Dogecoin in addition to more traditional payment methods like credit cards and Apple Pay. Tesla has stopped accepting Bitcoin as payment for its vehicles due to the volatility of the price of the cryptocurrency and environmental concerns.

Dogecoin users who want to purchase Tesla products will be able to see the price listed in the cryptocurrency. But given the volatility of Dogecoin, this price might only last a short while. Dogecoin's volatile value makes it difficult for both buyers and sellers to maintain accurate pricing without regular updates.

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