Ferrari to Extend Crypto Payment Scheme to Europe Following US Launch

Ferrari is to accept crypto payments in Europe by the end of July
The luxury sports car company wants to extend the scheme to other dealers by the end of 2024
The move follows the successful launch of Ferrari’s crypto payment scheme in the US last October

Ferrari is to extend its scheme to accept cryptocurrency payments in Europe by the end of July, Reuters reported Wednesday.

The Italian-based luxury car company also plans to extend its service to other dealers by the end of 2024. Last October, Ferrari started accepting crypto payments in the US for its high-end cars, in partnership with BitPay, a crypto payment processor.

At the time, it was reported that payment was accepted in Bitcoin, Ether, and USD Coin. The move came after a surge in market demand and repeated requests from their dealers.

“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,” Ferrari said.

Protecting Ferrari’s dealers from crypto price swings, BitPay will switch the crypto into traditional fiat, excluding fees or surcharges from clients.

Companies Accepting Crypto

With market prices continuing to rise and as a popular form of investment it seems like a natural step for major companies to accept crypto payments.

However, despite this, high energy use and unclear regulation are preventing crypto payments being widely accepted, particularly with major companies.

In 2021, for instance, Tesla began accepting Bitcoin payments for its electric cars; however, CEO Elon Musk suspended crypto payments due to the use of fossil fuels connected to Bitcoin mining.

Despite this, there are some who are embracing crypto payments, hoping to make it more mainstream.

In April, Crypto.com and Adelaide Oval, one of the top sporting grounds in Australia, teamed up to bring the first-ever crypto payments at a major stadium in Australia. The collaboration sees sports fans and concert-goers in the country pay with crypto for food and drinks at outlets in the stadium.

In 2022, fashion brand Balenciaga followed in the footsteps of Gucci when it started accepting payment in cryptocurrency.