Ferrari will extend its cryptocurrency payment system to its network of European dealers starting at the end of July. This expansion follows the successful introduction of the alternative payment system in the US less than a year ago, aimed at helping dealers meet the evolving needs of their clients.

By the end of 2024, Ferrari plans to expand cryptocurrency transactions to other countries within its international dealer network, provided that cryptocurrencies are legally accepted in those regions.

Ferrari is using the expertise of several unnamed companies active in the cryptocurrency payment sector to ensure transaction security. These partnerships will enable dealers to accept payments without needing to manage cryptocurrencies directly, as the digital assets will be converted immediately into traditional currency. The providers’ solutions will also verify the source of funds and protect transactions from price fluctuations associated with exchange rates.

Currently, most of Ferrari's European dealers have adopted or are in the process of adopting this new payment system, which complements traditional payment methods.

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"Ferrari expands cryptocurrency payments to European dealers" was originally created and published by Motor Finance Online, a GlobalData owned brand.

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