This week started with exciting news for cryptocurrency holders who dream of purchasing a Ferrari. The manufacturer of the world’s most iconic luxury car announced that it will now accept cryptocurrencies as a form of payment for its European customers.
On Wednesday, July 24, Ferrari fans learned through a press release on its official website that, by the end of the month, European dealers will “accept payments in cryptocurrencies without the need to manage them directly.” The announcement, consisting of five paragraphs, thrilled potential customers but also left some questions unanswered.
Enthusiasts of cryptocurrencies across Europe turned to social media to ask about the details. Will customers be able to use cryptocurrencies like Ripple, Solana, and Shiba Inu? Who will be the payment system provider? In this article, we briefly present the context that preceded Ferrari’s announcement and look towards the future of this expansion.
The Experience in the US
Many cryptocurrency investors analyzed Ferrari’s options for its customers in the US to satisfy their curiosity. As contextualized in the Wednesday announcement, the “entry into the European market follows the successful launch of this alternative payment system in the United States in 2023.”
Customers were also informed that “By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.” Therefore, countries like Switzerland, Qatar, and China are unlikely to offer crypto payment options to their customers.
Ferrari dealerships in North America celebrated the ability to “meet the evolving needs of their customers” by offering crypto as a payment option. In the US, Ferrari’s partnership with the Bitpay platform facilitated the process. As a result, the cryptocurrency options available so far include Tether (USDT), Bitcoin (BTC) and Ethereum (ETH).
Pending Questions
Although the experience in the US has been successful so far, the limited options for crypto payments have left many desiring the expansion of these alternatives. But will Ferrari choose the same crypto payment provider that customers can use in the United States for its European dealerships?
Commentators noted that Bitpay was chosen in the US due to the company’s well-established reputation in that country. If the same logic guides Ferrari’s choice for its European customers, Coinbase, which has become quite popular in the region in recent years, could be the chosen payment provider.
Coinbase
- Regulated exchange
- An easy-to-use platform
- Free crypto training offered
Coinbase
