Ferrari Announces Plans to Accept Cryptocurrency Payments in Europe
- Ferrari will accept cryptocurrency payments in Europe by the end of July
- The luxury sports car company hopes to expand the program to other dealerships by the end of 2024
- Following the successful launch of Ferrari’s crypto payment plan in the United States last October
Ferrari is set to expand its cryptocurrency payment options in Europe by the end of July, according to a report by Reuters.
The Italian luxury car manufacturer also aims to roll out this service to additional dealerships by the end of 2024.
At present, payments in Bitcoin, Ethereum, and USD coins are said to be accepted. The decision to introduce cryptocurrency payments in Europe came after a rise in market demand and numerous requests from dealers.
The Global Acceptance of Cryptocurrency
As the value of cryptocurrencies continues to climb, many major companies are beginning to embrace them as a form of payment. However, challenges such as high energy consumption and regulatory uncertainties still hinder widespread adoption, particularly among large corporations.
For instance, in 2021, Tesla started accepting Bitcoin payments for its electric vehicles, only to have CEO Elon Musk halt cryptocurrency transactions due to environmental concerns related to Bitcoin mining.
Despite these challenges, some companies are forging ahead with cryptocurrency acceptance initiatives in a bid to make them more mainstream.
Embracing Cryptocurrency in Various Industries
In April of this year, Crypto.com partnered with Adelaide Oval, a prominent Australian sports venue, to launch the first-ever crypto payment option at a major stadium in Australia. This collaboration enables sports fans and concert attendees to use cryptocurrencies for food and beverage purchases at in-stadium concessions.
Moreover, in 2022, the fashion brand Balenciaga followed in the footsteps of Gucci by accepting cryptocurrency payments, signaling a trend towards increased adoption of digital currencies in the retail sector.
To safeguard Ferrari dealers against price volatility in the cryptocurrency market, BitPay will handle the conversion of cryptocurrencies into traditional fiat currencies without imposing any additional charges on customers.
