- 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 will expand its plans to accept cryptocurrency payments in Europe by the end of July, Reuters reported on Wednesday.
The Italy-based luxury car company also plans to expand the service to other dealerships by the end of 2024.
Payments in Bitcoin, Ethereum, and USD coins were reportedly accepted at the time. The move follows a surge in market demand and repeated requests from dealers.
Ferrari said: “This alternative payment system, successfully launched in the United States less than a year ago, enters the European market to support dealers in better meeting the changing needs of their customers.”
To protect Ferrari dealers from cryptocurrency price fluctuations, BitPay will convert cryptocurrencies into traditional fiat currencies, excluding customer fees or surcharges.
Companies Embracing Cryptocurrency Payments
Transitioning to cryptocurrency payments has become a trend among major corporations looking to adapt to changing consumer preferences and market trends.
Despite the rising popularity of cryptocurrency as an investment vehicle, challenges such as high energy consumption and regulatory uncertainties have slowed down widespread adoption among large enterprises.
In 2021, Tesla made headlines by accepting Bitcoin payments for its electric vehicles, only to later halt the option due to environmental concerns related to Bitcoin mining’s energy consumption.
The Drive Towards Mainstream Crypto Payments
Despite setbacks, some companies are actively embracing cryptocurrency payments in an effort to normalize their usage.
One notable example is Crypto.com, which partnered with Adelaide Oval, a prominent sports venue in Australia, to introduce crypto payments at stadium concessions, making it easier for sports fans and event attendees to transact using digital currencies.
In a bold move, leading fashion brand Balenciaga followed in the footsteps of Gucci by enabling cryptocurrency payments, signaling a growing acceptance of alternative payment methods in luxury retail.
The Future of Crypto in Commerce
As digital currencies continue to gain traction, more companies are expected to incorporate cryptocurrency payments into their business models, catering to a tech-savvy consumer base seeking convenient and secure transaction options.
While challenges remain, including regulatory concerns and environmental impacts, the evolution of cryptocurrency in commerce represents a significant shift towards a more inclusive and innovative financial landscape.
