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Ferrari announced today it will broaden its cryptocurrency payment options to European dealerships starting later this month. The luxury carmaker first introduced the feature in the United States last year.
By the end of 2024, Ferrari aims to extend cryptocurrency payments to dealers worldwide, where local regulations permit. The move comes in response to increasing customer demand for alternative payment methods.
Despite the volatility inherent in cryptocurrencies, Ferrari has embraced digital assets as a payment option. The company’s decision to expand this service reflects its commitment to catering to the evolving preferences of its high-net-worth clientele.
To protect dealers from cryptocurrency price fluctuations, Ferrari has partnered with BitPay for its U.S. operations, converting crypto payments into traditional currency immediately. The company has not yet disclosed its payment processor for the European market.
Ferrari’s expansion into cryptocurrency payments marks a significant step for the luxury automotive industry, as it navigates the intersection of traditional commerce and emerging digital currencies.