Luxury sports car manufacturer Ferrari announced on Wednesday, July 24, that it will expand its crypto payment acceptance to its European dealer network by the end of the month. After successfully implementing this scheme in its American dealerships, Ferrari plans to extend this service to other regions worldwide.
Ferrari Expands Crypto Payment Scheme
According to the latest reports from Reuters, Ferrari aims to roll out this scheme to dealer networks globally by the end of 2024, but will limit crypto payments to countries where digital assets are legally permitted.
Inspired by the Bitcoin and crypto bull run in 2023 and its continuation in 2024, Ferrari decided to integrate crypto payments as part of its long-term strategy. The company stated:
"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 support dealers in better addressing the evolving needs of its clients."
For the launch of its crypto payment scheme in the US last year, Ferrari partnered with BitPay, the largest cryptocurrency payment processor, allowing payments in Bitcoin, Ether, and the stablecoin USDC. Under this arrangement, BitPay converts cryptocurrency payments into traditional currency instantly for Ferrari’s dealers, protecting them from price volatility and eliminating fees or surcharges for customers.
Ferrari did not specify if it plans to use additional payment processors in Europe or other regions.
Will Tesla Resume Bitcoin Payments?
After initially accepting Bitcoin payments in early 2021, Tesla halted the plan a few months later, citing concerns about the energy consumption associated with Bitcoin mining. Despite significant portions of Bitcoin mining turning to greener energy sources, Tesla has yet to resume BTC payments.
Elon Musk has expressed concerns about the potential collapse of the US Dollar, which could prompt him to recognize Bitcoin's potential once again and start accepting BTC payments. Such a move could encourage other companies to adopt crypto payments as well.
Ferrari's expansion into crypto payments reflects a growing trend among luxury brands to cater to the evolving preferences of their clients, potentially setting a precedent for other high-end manufacturers to follow.
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