Ferrari, the luxury Italian automaker, has announced plans to extend its crypto payments scheme to Europe following the massive success in the United States.
The world’s leading luxury automotive brand currently allows Americans to purchase their luxury sports cars with Bitcoin and other cryptocurrencies in partnership with crypto-payment processor BitPay to handle the conversion from digital asset payments into local currency on behalf of Ferrari dealers.
Ferrari To Roll Out Crypto Payments In Europe
Ferrari is in the process of adding cryptocurrency as a payment method in Europe in response to demand from its wealthy customers.
The Maranello, Italy-based luxury sports car manufacturer announced on July 24 that it will expand its crypto payment system to Europe from the end of this month “to support dealers in better addressing the evolving needs of its clients.”
Notably, the majority of Ferrari’s European dealers have already integrated or are currently adopting the new payment feature, the company stated, adding that there are plans to expand this service to other regions worldwide by the end of 2024:
“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
Ferrari’s foray into the European market follows the successful launch of the crypto payment system in the United States in October 2023. The company partnered with BitPay to process transactions in Bitcoin (BTC), Ethereum (ETH), and stablecoin USD coin (USDC) in the initial rollout in the U.S.
Ferrari Dealers To Receive Payments In Fiat
It’s worth mentioning that Ferrari’s crypto payment system does not require dealers to handle cryptocurrencies directly. Customers’ cryptocurrencies will be immediately converted into fiat currencies and sent directly to their bank accounts.
“The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” the announcement explained.
Time For Tesla To Restart Bitcoin Payments?
Despite crypto’s high popularity as an investment vehicle, it remains uncommon for high-profile firms to accept it as a payment option. In February 2021, Elon Musk’s Tesla started accepting BTC payments for its electric cars but suspended the service only three months later because of concern about the energy consumed by computers crunching the calculations that underpin Bitcoin.
Research shows that the Bitcoin mining industry has since shifted toward alternative energy sources, igniting speculations about Tesla restarting the Bitcoin payments feature in the near future.
56.5% as of today.https://t.co/W7rgBIZBxL pic.twitter.com/kCWrQsM6bx
— Willy Woo (@woonomic) July 23, 2024
Notably, Bitcoin has already hit the milestone that Musk was waiting for before resuming BTC payments at Tesla. The EV giant turning these payments back on would likely encourage other companies to follow in its footsteps (or tire marks).
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