thecryptobasic.com
The prominent luxury car brand Ferrari has revealed plans to expand its acceptance of crypto payments to Europe following a successful rollout in the United States.
According to a Reuters report, the initiative, which will come into effect by the end of this month, will enable European dealers to meet clients’ evolving demands.
Ferrari Supports Crypto Payments in the U.S.
Recall that Ferrari introduced crypto payments in the United States in October 2023. At the time, Ferrari partnered with BitPay, a leading crypto payment processing firm, to allow customers to purchase luxury cars using select cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
BitPay stated that it can process Ferrari-related crypto payments from more than 100 blockchain wallets, including MetaMask, Trust Wallet, Ledger Wallet, and Trezor Wallet.
Ferrari’s partnership with BitPay required the latter to convert all crypto payments into traditional currencies immediately. This move was designed to protect dealers from massive price swings associated with emerging assets.
European and International Expansion
Following the successful rollout of crypto payments in the U.S., Ferrari is now working to expand the solution to its European dealers. However, the luxury car brand did not disclose whether it plans to continue working with BitPay as its payment processor.
Per the Reuters report, most European-based Ferrari dealers have already adopted or are in the process of integrating the crypto payment solution.
Furthermore, Ferrari is also making moves to launch the solution for dealers across its international network later this year, particularly in regions where crypto payments are legal.
It bears mentioning that neither Ferrari nor BitPay have released official statements confirming the development at press time.
Potential Crypto Adoption Among Car Manufacturers
Notably, Ferrari is not the first car brand to accept crypto payments.
In 2021, the popular electric car brand Tesla began accepting Bitcoin and Dogecoin payments for the purchase of its cars. A few months later, the company discontinued the service, citing concerns about Bitcoin mining.
With Ferrari supporting and expanding crypto payment solutions to other jurisdictions, other car manufacturers might follow suit to bolster their competitive edge.