Ferrari, the Italian luxury car manufacturer, is set to launch its cryptocurrency payment system in Europe following its successful debut in the US market in 2023.

Ferrari Gears Up for European Market

With the success of its cryptocurrency payment system in the US market, Italian luxury sports car manufacturer Ferrari is gearing up to bring it to Europe.

According to an official announcement made by Ferrari on July 24, the company will begin accepting cryptocurrency payments from its network of European dealers by the end of July 2024.

The majority of Ferrari's European dealers had either transitioned to the new payment system or were in the midst of doing so when the news was made, the company stated, adding:

“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”

US Success Fuels European Expansion

After the cryptocurrency payment system's successful introduction in the US in October 2023, Ferrari has decided to join the European market.

To begin accepting cryptocurrency payments in the US, Ferrari teamed up with BitPay, a prominent local cryptocurrency payment provider that works with international companies like AMC Theaters and the online electronics store Newegg, among others.

“As of today, the platform is utilized in both the U.S. and Canadian markets — by around 50% of the dealers,” according to a Ferrari official who talked with Cointelegraph.

Dealers Embrace Cryptocurrency Payments

"In Europe, around 60% of the dealers have adhered to or are in the process of adhering to this project so far," according to the spokesperson. The absence of market solutions and regulatory considerations, he continued, led to the exclusion of dealers in certain nations.

Ferrari stressed in their most recent release that dealers do not need to personally manage cryptocurrency while using their crypto payment solutions. Alternatively, clients can have their Bitcoin and other cryptocurrencies converted to fiat money and sent into their bank accounts instantly.

“The providers' solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” as Ferrari pointed out.

A spokesman from Ferrari informed Cointelegraph that customers in the US and EU would soon be able to pay for their vehicles using Bitcoin, Ether, and USDC.