Ferrari is set to expand its cryptocurrency payment options to its European dealer network by the end of July, following a successful launch in the United States last October.
The Italian luxury sports car manufacturer will extend this payment solution to other dealers in countries where cryptocurrencies are legally accepted, according to a report by Reuters.
The decision to expand into Europe was driven by market demand and requests from dealers, many of whose clients are invested in cryptocurrencies.
Ferrari has partnered with BitPay as its cryptocurrency payment processor for the U.S. market, accepting payments in Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH), and the USDC (CRYPTO:USDC) stablecoin.
These crypto payments are immediately converted into fiat currency to protect dealers from price volatility.
Ferrari's move into the European market comes less than a year after the initial launch in the U.S., demonstrating the company's commitment to adapting to the evolving needs of its clients.
Most European dealers have already adopted the crypto payment solution or are in the process of doing so.
Ferrari stated that the expansion supports dealers in better addressing the changing preferences of their customer base.
It remains unclear which cryptocurrency payment processors Ferrari will use for its European and other international expansions.
The company has not yet commented on this aspect.
This development follows a similar move by electric car manufacturer Tesla in 2021, which initially accepted Bitcoin payments before suspending them due to environmental concerns related to Bitcoin mining.
Ferrari’s initiative emphasises the growing acceptance and integration of cryptocurrencies in the luxury automotive market, reflecting broader trends in the digital asset ecosystem.
This expansion aims to enhance customer experience and provide more flexible payment options, aligning with the increasing interest in digital currencies among high-end clientele.