thenewscrypto.com
- Ferrari expands crypto payments to European dealers following successful U.S. launch.
- Partnership with BitPay enables payments in Bitcoin, ether, and USDC.
Ferrari is extending its cryptocurrency payment options to its European dealer network this month, following a successful U.S. launch. The luxury sports car manufacturer will broaden this initiative to other international markets where cryptocurrencies are legally accepted, according to a Reuters report.
The Italian automaker initially introduced crypto payments in the U.S. in October 2023, responding to growing market demand and requests from dealers. Many of Ferrari’s clients are cryptocurrency investors, prompting the move to offer a payment alternative that aligns with their interests.
Ferrari’s European expansion is a direct follow-up to the U.S. initiative, aimed at accommodating the evolving needs of its clientele. The company noted that most dealers in Europe have either adopted or are in the process of adopting this particular payment system. Ferrari’s move underscores its commitment to embracing digital payment methods in response to customer preferences.
A Major Crypto Adoption?
For the U.S. rollout, Ferrari partnered with BitPay, a prominent cryptocurrency payment processor. This partnership allowed customers to pay using Bitcoin, ether, and the USDC stablecoin. To mitigate volatility, Ferrari converted crypto payments into fiat currency immediately upon receipt, protecting dealers from potential price fluctuations.
As Ferrari prepares to extend its crypto payment options to Europe and the other regions, it remains uncertain which payment processors will be involved in these markets. This expansion marks a significant step in the luxury automotive sector’s adaptation to digital finance trends.
In contrast, Tesla, another high-profile automaker, began accepting Bitcoin payments in 2021. But later suspended this option due to environmental concerns related to Bitcoin mining and the high energy consumption.
Ferrari’s decision highlights the growing acceptance of cryptocurrency in high-end markets, reflecting a broader trend toward integrating digital assets into traditional financial transactions. And it also demonstrates the evolving landscape of luxury retail.