Ferrari, the luxury sports car manufacturer based in Maranello, Italy, has announced that it will expand its crypto payment options to Europe by the end of July.
This initiative follows the acceptance of cryptocurrencies in the United States since last October, thanks to a partnership with BitPay. The accepted cryptos include Bitcoin (BTC), Ethereum (ETH), and USDC.
After the US, Ferrari embraces crypto payments in Europe
According to a statement from the company quoted by Reuters, Ferrari aims to “support dealers in better responding to the evolving needs of their customers.” This decision aligns with the brand’s desire to adapt its services to accommodate the changing preferences of consumers, especially those who invest in cryptocurrencies.
“Some of [our customers] are young investors who have built their wealth on cryptocurrencies.
Others are more traditional investors who want to diversify their portfolios.”
Ferrari’s global expansion plan
Ferrari also plans to expand this service to other global markets by the end of 2024. Although cryptocurrencies are popular as investment tools, their use as a means of payment remains relatively rare among large companies. This may be due to limited demand from customers who hesitate to spend their cryptocurrencies for fear of missing out on their value appreciation.
However, this reluctance may be less pronounced for luxury items such as cars, which also have enduring value. Customers may be more inclined to use their crypto holdings for significant and prestigious purchases, which could explain why Ferrari sees potential in accepting these payments.
