After launching the program in the US last year, Ferrari announced on Wednesday, July 24 that it will extend the acceptance of cryptocurrency payments for its high-end sports vehicles to its network of European dealers by the end of this month.
According to a statement, the Italian car maker plans to extend the program by the end of 2024 to more dealers within its global network in nations where cryptocurrencies are recognized as lawful forms of payment.
Ferrari began accepting cryptocurrency payments in the U.S. last year in response to demands from its rich clients, despite the fact that the great majority of well-known businesses have avoided digital currencies due to its volatility.
“The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients,” stated the company.
More so, the majority of its dealers in the area, had either already implemented the new payment method or were in the process of doing so.
Inadequate regulation and excessive energy consumption have also impeded the use of cryptocurrency as a form of payment thus far.
China is one of the nations where cryptocurrency use is prohibited.
Ferrari used BitPay, one of the biggest cryptocurrency payment processors, to introduce its plan in the United States and accepted payments in bitcoin, ether, and USDC, one of the biggest stablecoins.
Payments in cryptocurrencies are instantly converted into fiat money in order to escape price fluctuations.
Which cryptocurrency payment processors Ferrari will employ in Europe and other locations are yet unknown, though.
Tesla, a producer of electric cars, started taking bitcoin payments in 2021. Nevertheless, Elon Musk, the CEO, later stopped accepting cryptocurrency payments for the purchase of cars because of environmental issues related to bitcoin mining.
To guarantee transaction security, Ferrari stated that it is collaborating with a number of companies involved in the cryptocurrency payment industry.
