Ferrari will soon begin accepting cryptocurrency payments in Europe, the company announced on Wednesday.
The Italian sports car maker said it would roll out the new payment method in European dealerships starting in late July.
"The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients," Ferrari said in a statement.
"By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted," the company added.
Ferrari accepts Bitcoin in the US
When it began accepting cryptocurrency payments in the US, Ferrari partnered with BitPay to enable transactions in Bitcoin, Ethereum and the so-called stablecoin USDC.
BitPay then converts cryptocurrency payments into traditional currencies on behalf of Ferrari dealers to protect them from price fluctuations. Customers do not incur any fees or surcharges.
"This will help us connect to people who are not necessarily our clients but might afford a Ferrari," the automaker's marketing director, Enrico Galliera, said at the time.
Ferrari did not specify whether it would use the same arrangement in Europe.
