Ferrari Expands XRP, Bitcoin and Crypto Payment System to Europe Following U.S. Success

• Ferrari extends cryptocurrency payments to European dealers by July 2024 after U.S. success.
• Payment processors for Europe are yet to be specified by Ferrari.

Following CNF’s earlier update on Ferrari accepting Bitcoin, Ripple (XRP), and other cryptocurrencies as payment for its cars, it is now reported that Ferrari will extend its cryptocurrency payment option to European dealers by the end of July 2024.

Most European dealers are already adopting or have adopted the new payment system. Cryptocurrency use is limited by regulatory issues and high energy consumption, with some countries like China imposing restrictions. In addition, in the U.S., Ferrari used BitPay to handle transactions in Bitcoin, Ether, and USDC, converting crypto payments to traditional currency to avoid volatility and additional fees.

However, Ferrari has not yet specified which payment processors will be used in Europe and other regions. In his recent tweet, Collin Brown raised a question to the community, asking if  they are ready to buy a Ferrari with Bitcoin or XRP.

#Ferrari now accepts cryptocurrency payments in Europe! After a successful US launch, the luxury car maker extends crypto payments to its European dealerships. Ready to buy a Ferrari with #Bitcoin or #XRP? https://t.co/nZeeDwK0iv pic.twitter.com/Ag31HSKg2g

— Collin Brown (@CollinBrownXRP) July 24, 2024

Brown’s tweet about Ferrari now accepting cryptocurrency payments in Europe, after a successful U.S. launch, mirrors previous CNF highlights on Ferrari accepting Bitcoin, Ripple (XRP), and other cryptos as payment for its cars.

The payment scheme was first introduced in the U.S. last year, as discussed in our earlier post about Ferrari’s acceptance of crypto. We posted if this will help $XRP surge in 2024. According to CoinMarketCap, Ripple (XRP) currently trades at $0.6057, surged by 0.20% in the past day, and decreased by 0.30% in the past week. See Price XRP chart below.