Ferrari has announced that its European dealers will begin accepting cryptocurrency as payment system from the end of July. The Italian automaker said that the move is aimed at supporting dealers in better addressing the evolving needs of its clients.
In a statement, the company said that it was working with various companies active in the cryptocurrency payment sector on its system, which will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency.
It added that the system will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates.
The launch of the alternative payment system on the Continent follows its successful introduction in the United States less than a year ago. Digital currencies, including the likes of bitcoin, are not controlled by centralised financial institutions.
Ferrari said that most of its European dealers have already adopted or are in the process of adopting the new payment system that adds to the traditional ones. It added that it will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted, by the end of 2024.
The post Ferrari to begin accepting cryptocurrency payment in Europe end of July – international dealers by end-2024 appeared first on Paul Tan's Automotive News.
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