Ferrari, the Italian manufacturer of high-end automobiles, plans to extend its crypto payment infrastructure to the European market by the conclusion of July 2024.
After a successful launch in the US in 2023, Ferrari collaborated with BitPay, a prominent crypto payment provider. By the end of 2024, the company intends to expand its service to additional dealers.
In October 2023, Ferrari began taking cryptocurrency payments for its luxury vehicles in the United States. Numerous European dealers have previously embraced or are currently in the process of embracing this innovative payment option.
Approximately 60% of Ferrari dealers in Europe have either already implemented or are in the process of implementing the cryptocurrency payment system. Certain countries are prohibited from participating due to regulatory constraints and a lack of available market options.
The acceptable forms of payment initially were Bitcoin, Ether, and USD Coin. Ferrari stated that their expansion into the European market is a result of the successful introduction of this alternative payment system in the United States less than a year ago. The purpose of this expansion is to assist dealers in effectively meeting the changing demands of their customers.
BitPay will convert the crypto received from Ferrari’s dealers into traditional fiat currency without charging any additional fees or surcharges to the clients to shield them from fluctuations in crypto prices.
Given the ongoing increase in market values and the growing popularity of cryptocurrency as an investment, it becomes logical for major companies to start accepting crypto payments.
Nevertheless, widespread acceptance of crypto payments, especially among major enterprises, is hindered by excessive energy consumption and a lack of clear regulation.
In April, Crypto.com and Adelaide Oval collaborated to introduce the inaugural crypto payment system at a prominent Australian stadium. This innovation enables sports enthusiasts and concert attendees to utilize cryptocurrency to purchase food and beverages at various outlets within the stadium.
