Ferrari (RACE) is set to extend its cryptocurrency payment options to Europe by the end of July, according to a report by Reuters on Wednesday.
The Maranello, Italy-based luxury sports car manufacturer initially began accepting crypto payments in the United States last October in partnership with BitPay. The cryptocurrencies accepted include Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
The move to accept crypto payments in Europe is part of Ferrari’s broader strategy to “support dealers in better addressing the evolving needs of its clients,” as stated in a company announcement.
By expanding this service, Ferrari aims to provide more flexible payment options to its clientele, acknowledging the growing interest in digital currencies.
Ferrari’s initiative to accept cryptocurrency payments reflects a significant trend, though it remains relatively rare for major companies to adopt crypto as a payment method.
This rarity is often attributed to a lack of demand from customers and concerns from crypto holders about spending their coins on everyday purchases due to potential value increases.
However, luxury items like Ferrari cars, which hold long-term value, present a unique case where the volatility of cryptocurrencies may be less of a deterrent. Ferrari’s acceptance of digital currencies could pave the way for other luxury brands to follow suit, adapting to the financial preferences of a tech-savvy clientele.
Ferrari’s expansion plan includes further markets, aiming to offer cryptocurrency payment options globally by the end of 2024. This strategic move highlights the company’s commitment to innovation and client satisfaction in an evolving financial landscape.
