Ferrari will begin accepting cryptocurrency payments in Europe by the end of July, and the luxury sports car company hopes to expand the scheme to its other dealerships by the end of 2024. The move follows Ferrari's successful cryptocurrency payment scheme in the United States last October.
Reuters reported on Wednesday that Ferrari will expand its acceptance of cryptocurrency payments across Europe by the end of July.
The Italy-based luxury car maker plans to expand the service to other dealerships by the end of 2024. Last October, Ferrari partnered with cryptocurrency payment processor BitPay to start accepting cryptocurrency payments for luxury cars in the United States.
At the time, it was reported that payments would be accepted in Bitcoin, Ether, and USD Coin. The move came following a surge in market demand and repeated requests from dealers.
“We successfully launched this alternative payment system in the United States less than a year ago and are now entering the European market to help dealers better meet the changing needs of their customers,” Ferrari said in a statement.
To protect Ferrari dealerships from cryptocurrency price fluctuations, BitPay will replace cryptocurrencies with traditional fiat currency minus any fees or surcharges from customers.
Companies that accept cryptocurrencies
As market prices continue to rise and it becomes a popular form of investment, it seems natural for major corporations to start accepting cryptocurrency payments.
However, despite this, cryptocurrency payments have not been widely accepted, especially by large corporations, due to their high energy consumption and unclear regulations.
For example, in 2021 Tesla began accepting Bitcoin as payment for its electric vehicles, but CEO Elon Musk halted payments in the cryptocurrency due to the use of fossil fuels associated with Bitcoin mining.
Nonetheless, some are embracing cryptocurrency payments in the hopes of making them more mainstream.
In April, Crypto.com partnered with Adelaide Oval, one of Australia’s leading sporting venues, to become the first major Australian stadium to accept cryptocurrency payments. The partnership will allow sports and concert fans across the country to pay for food and drinks at stadium concessions with cryptocurrency.
In 2022, fashion brand Balenciaga followed Gucci's lead and started accepting payments in cryptocurrency.
