Ferrari has announced plans to extend crypto payment options for its luxury sports cars to its European dealership network starting at the end of this month.
On Wednesday, the Italian automaker revealed that by the end of 2024, it aims to offer this payment method to additional international dealerships in countries where cryptocurrencies are legally accepted.
The move follows the company’s successful launch of crypto payments in the United States last year.
Ferrari Sees Increased Interest in Crypto Purchases
Ferrari said the decision comes as a response to growing requests from Ferrari’s affluent customer base, who are increasingly interested in using digital currencies for high-end purchases.
“Following the positive reception of this alternative payment system in the United States, our entry into the European market is a natural progression to support dealers in meeting the evolving needs of our clients,” the company said.
While many blue-chip companies remain cautious about accepting cryptocurrencies due to the volatility of tokens like bitcoin and ether, Ferrari’s initiative demonstrates its willingness to adapt to market demands.
The company noted that most of its European dealers have either adopted or are in the process of adopting the new payment system.
Despite the challenges posed by patchy regulation and the high energy usage associated with cryptocurrencies, Ferrari is pressing ahead with its plans.
The company highlighted that countries with stringent restrictions on cryptocurrencies, such as China, would not be included in this rollout.
For its US launch, Ferrari partnered with BitPay, one of the largest cryptocurrency payment processors, enabling transactions in Bitcoin, Ether, and USDC, a prominent stablecoin.
BitPay converts cryptocurrency payments into traditional currency immediately on behalf of Ferrari’s dealers, shielding them from price volatility and eliminating additional fees or surcharges for clients.
Ferrari did not specify whether it would collaborate with other payment processors in Europe or other regions for the expansion of this scheme.
Payment Firms Adopt Cryptocurrencies
As the cryptocurrency market recovers from the 2022 crash, an increasing number of companies are adopting crypto for payment solutions.
Back in April, Fintech giant Stripe announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.
In 2014, Stripe dipped its toes into the world of cryptocurrency with tests involving Bitcoin, the pioneering digital currency.
However, in 2018, the company decided to halt its support for Bitcoin due to its volatility and lack of suitability as a means of exchange.
Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.
More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD, by the end of June.
Currently, the company offers payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.
Furthermore, Bitcoin payments app Strike has announced the launch of its operations in the United Kingdom.
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