Ferrari Drives Crypto Payments into Europe After U.S. Triumph
Key Takeaways:
- Ferrari will extend its cryptocurrency payment system to its European dealers starting at the end of July 2024.
- The partnership with BitPay has facilitated the integration of cryptocurrency payments for Ferrari.
- Most of Ferrari’s European dealers have already implemented or are in the process of adopting the new crypto payment system.
YEREVAN (CoinChapter.com) — Ferrari will extend its cryptocurrency payment system to Europe—after a successful launch in the U.S.—starting late July 2024.
At the time of the announcement on July 24, many of Ferrari’s European dealers had already implemented or were in the process of adopting the new payment system. This feature will be an addition to traditional payment methods.
By the end of 2024, Ferrari plans to extend cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.
Ferrari’s Smooth Crypto Integration with BitPay
Ferrari’s decision to introduce cryptocurrency payments in Europe follows a successful rollout in the United States. In October 2023, Ferrari launched crypto payments in the U.S. through a partnership with BitPay, a major local crypto payment firm.
BitPay, which serves global brands like AMC Theaters and electronics retailer Newegg, played a crucial role in this rollout. Consequently, this partnership enabled Ferrari to integrate cryptocurrency payments without requiring dealers to handle digital currencies directly.
Ferrari stated that the crypto payment tools convert customers’ cryptocurrencies, such as Bitcoin, into fiat currencies instantly. This process protects dealers from the volatility associated with cryptocurrency exchange rates.
Ferrari Dealers Embrace Easy Crypto Payments
Most of Ferrari’s European dealers have already adopted the new crypto payment system or are in the final stages of implementation.
Consequently, the payment system ensures that dealers do not need to manage cryptocurrencies themselves. Instead, the system converts the cryptocurrency into traditional fiat money, simplifying the process for both dealers and customers.
Furthermore, Ferrari mentioned that the system includes mechanisms to verify the source of funds, ensuring secure transactions.
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