A successful pilot by USA dealerships is leading to Ferrari expanding its cryptocurrency payment system to its European dealers from the end of July.
It will allow wealthy customers to purchase Ferrari supercars with Bitcoin, Ethereum and the stablecoin USDC in the US.
The network's partner is BitPay.
Ferrari expects to expand the cryptocurrency payment system globally by the end of 2024.
In Europe, Ferrari will use various companies active in the crypto payment to ensure transaction security.
Dealers will be able to accept payments without needing to manage the currency as the crypto will convert to traditional currency immediately.
Verification of the source of funds will protect transactions from price fluctuations related to exchange rates.
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An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
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