Starting this month, Ferrari intends to expand its European dealership network to include crypto payment options for prestige sports cars.
The Italian automaker disclosed on Wednesday that it intends to extend this payment method to additional international dealerships in countries where cryptocurrencies are legally recognized by the end of 2024.
The company’s successful introduction of crypto payments in the United States last year catalyzed this action.
Ferrari Sees Increased Interest in Crypto Purchases
Ferrari has observed an increase in interest in cryptocurrency and stated that the decision was made in response to the increasing number of requests from its affluent customer base, who are becoming more interested in using digital currencies for high-end purchases.
“Our entry into the European market is a logical progression to assist dealers in meeting the changing needs of our clients, following the positive reception of this alternative payment system in the United States,” the company stated.
Ferrari’s initiative illustrates its readiness to adjust to market demands even though numerous blue-chip companies still need to accept cryptocurrencies due to the volatility of tokens such as bitcoin and ether.
The majority of its European dealers have either implemented or are in the process of implementing the new payment system, according to the company.
Ferrari is forging forward with its objectives despite the obstacles presented by the high energy consumption associated with cryptocurrencies and the patchy regulation.
The company emphasized that this rollout excludes countries with rigid cryptocurrency regulations like China.
Ferrari and BitPay, one of the largest cryptocurrency payment processors, collaborated to facilitate transactions in Bitcoin, Ether, and USDC, a prominent stablecoin, for its US launch.
To protect Ferrari’s dealers from price volatility and eliminate additional fees or surcharges for clients, BitPay promptly converts cryptocurrency payments into traditional currency.
Whether Ferrari would collaborate with other payment processors in Europe or other regions to expand this scheme was not specified.
Cryptocurrencies’ Adoption by Payment Companies
An increasing number of companies are utilizing cryptocurrency as payment solutions as the cryptocurrency market recovers from the 2022 collapse.
Stripe, the fintech behemoth, announced in April that it would resume allowing customers to accept cryptocurrency payments after a six-year hiatus.
Stripe conducted experiments in 2014 that explored the realm of cryptocurrency, including Bitcoin, the first digital currency.
Nevertheless, in 2018, the company discontinued its support for Bitcoin due to its volatility and unsuitability as a medium of exchange.
In addition to Stripe, other payment companies have also implemented stablecoins as a payment method.
Triple-A, a Singapore-based payments company, has recently disclosed its intention to incorporate PayPal’s stablecoin into its list of supported tokens for customer payments.
Triple-A, the first licensed crypto payments firm in Singapore, intends to implement support for PayPal’s stablecoin, PYUSD, by the conclusion of June.
Currently, the organization provides payment services primarily in Bitcoin, Ether, and stablecoins issued by Circle and Tether.
Strike, a Bitcoin payments application, has commenced operations in the United Kingdom.
