Ferrari Expands Cryptocurrency Payments to Europe

Ferrari, known for its luxury sports cars, will start accepting cryptocurrency payments in Europe by the end of July. The Maranello-based company initially launched crypto payments in the U.S. last October through a partnership with BitPay. This service allows customers to purchase cars using Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).

Aiming to Enhance Dealer Support

Ferrari’s decision to expand crypto payments to Europe aims to “support dealers in better addressing the evolving needs of its clients,” according to a company statement reported by Reuters. The company also plans to introduce this service to other markets by the end of 2024.

Crypto Payments in the Luxury Market

While cryptocurrencies are popular investments, they are seldom used for everyday transactions by major companies. One reason is the reluctance of crypto holders to spend their digital assets, fearing potential value increases in the future. However, this concern is less significant for luxury items like cars, which also hold long-term value.