Motorsport giant Ferrari is expanding crypto payments for its European dealers amid a widespread mainstream acceptance of crypto. Starting at the end of July, Ferrari will allow its network of European dealers to use its Bitcoin payment system.
This alternative payment mechanism was successfully introduced in the US less than a year ago, and it is now being introduced into the European market to help dealers better meet the changing needs of their customers.
Ferrari plans to extend its cryptocurrency transactions to other nations within its international dealer network by the end of 2024, provided those nations have legalized cryptocurrency usage.
Ferrari’s previous US crypto expansion
Ferrari’s decision to expand crypto payments in Europe follows its acceptance of cryptocurrency payments in the U.S. last year in response to demands from its affluent clientele. However, most well-known businesses have avoided Bitcoin due to its volatility.
According to the firm, most of its dealers in the area had either already implemented the new payment system or were in the process of doing so. Inadequate regulation and excessive energy consumption have also impeded the acceptance of cryptocurrency as a form of payment thus far.
Ferrari used BitPay, one of the biggest cryptocurrency payment processors, to debut its plan in the United States and accepted payments in bitcoin, ether, and USDC, one of the biggest so-called stablecoins.
In accordance with the plan, Bitpay will instantly convert cryptocurrency payments into fiat money on behalf of Ferrari’s dealers, shielding them from fluctuations in value and eliminating any costs or additional charges for customers.
Crypto finds acceptance in motorsport
With its thunderous noise, hazy color, and thrilling competitive intensity, motorsport has long embraced cutting-edge technology, pushing the limits of speed and creativity. With the addition of cryptocurrency payments, it’s currently shifting into a new gear that promises to completely revamp the fan experience on this platform in addition to speeding up checkout. Once consigned to the periphery of finance, cryptocurrencies are now flourishing in the motorsport industry.
Teams including Mercedes-AMG Petronas F1 Team, Aston Martin F1, AlphaTauri, and BitBay Pay have teamed up with sites like Crypto.com and BitBay Pay to accept Bitcoin, Ethereum, and other cryptocurrencies for a variety of transactions.
