Ferrari Calls Cryptocurrency Foray a Success

After nearly a year of accepting cryptocurrency for car sales in the U.S., Ferrari plans to add the option for European transactions.

The Italian automaker, calling its U.S. cryptocurrency sales successful, said it will extend the alternative currency capability to its European dealers at the end of this month, though it said most there have already added it or are in the process of doing so.

Ferrari started accepting cryptocurrency through U.S. dealers in October. Expanding it to Europe will “support dealers in better addressing the evolving needs of its clients,” it said in a press release on the move.

It said it will extend the capability to yet other countries by the end of the year “where cryptocurrencies are legally accepted."

Ferrari is tapping payment specialists with expertise in cryptocurrency to help it process such transactions. It emphasized that its dealers won’t need to understand the alternative payment method because cryptocurrency payments will immediately be converted to traditional currencies.

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