Luxury sports car giant Ferrari is set to expand cryptocurrency payment options to its European dealer network this month after launching in the United States.
The Italian company will also expand the program to other agents in its international network in countries where cryptocurrencies can be accepted legally, Reuters reported on Wednesday.
Ferrari initially rolled out cryptocurrency payment options for its cars in the US in October and plans to expand to Europe in the near future. The initial decision was made in response to requests from the market and dealers, many of whom have invested in cryptocurrencies as Ferrari customers.
“The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to help merchants better address the growing needs of their customers,” the company said. The region has either adopted the solution or is in the process of doing so, according to Reuters.
Ferrari partnered with BitPay as its crypto payment processor for the US launch, accepting payments in bitcoin, ether and the USDC stablecoin, with crypto payments to dealers instantly converted into fiat currency to “protect them from price volatility.”
However, it is still unclear which cryptocurrency payment processor Ferrari will use in Europe and other regions.
In 2021, electric carmaker Tesla also began accepting bitcoin payments. However, CEO Elon Musk later suspended cryptocurrency payments for car purchases due to environmental concerns related to bitcoin mining.
The Block has reached out to Ferrari for comment.
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