The renowned Italian sports car manufacturer, Ferrari, has announced plans to extend its cryptocurrency payment method to Europe. This strategic move follows a successful implementation of the same in the United States through a partnership with BitPay, a leading digital currency payment provider.
Ferrari plans to introduce this payment feature to its European dealerships network by the end of July 2024. According to an official statement made by the company on July 24, most European dealers have already initiated the process of adopting this novel payment system, integrating it seamlessly with existing traditional ones.
By the end of 2024, the luxury car manufacturer intends to broaden the scope of cryptocurrency transactions to other nations in its international dealership network, granted that cryptocurrencies are accepted legally in these regions.
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Ferrari’s expansion into Europe is a strategic move that closely follows its U.S. entry into crypto payments in October 2023. To functionalize digital currency payments in the U.S., Ferrari collaborated with BitPay, a renowned crypto payment firm serving several global brands including AMC Theaters and electronics retailer Newegg.
The auto giant stressed that its use of digital currency payment tools does not necessitate the direct handling of cryptocurrencies by dealers. Rather, customers’ cryptocurrencies like Bitcoin will be automatically converted into traditional fiat currencies soon after the transaction. Ferrari also highlighted that their payment solutions provider would enable fund source verification and shield transactions from exchange rate-related price oscillations.
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