Ferrari has revealed plans to extend its cryptocurrency payment options to its European dealership network starting at the end of this month. This initiative comes after a successful launch of crypto payments in the United States last year.

Responding to Customer Demand

The Italian automaker decided to expand its payment methods due to growing interest from its affluent customer base. These clients are increasingly eager to use digital currencies for high-end purchases. “Following the positive reception of this alternative payment system in the United States, our entry into the European market is a natural progression to support dealers in meeting the evolving needs of our clients,” Ferrari stated.

Despite the volatility of cryptocurrencies like Bitcoin and Ether and regulatory hurdles, Ferrari is pushing forward with its plans. The company aims to offer this payment method to additional international dealerships by the end of 2024, in countries where cryptocurrencies are legally accepted. Notably, regions with strict restrictions on cryptocurrencies, such as China, will not be included in this rollout.

Partnering with BitPay

For its US launch, Ferrari partnered with BitPay, a leading cryptocurrency payment processor. This partnership allows transactions in Bitcoin, Ether, and USDC, a prominent stablecoin. BitPay converts cryptocurrency payments into traditional currency immediately on behalf of Ferrari’s dealers, protecting them from price volatility and eliminating additional fees for clients. Ferrari has not yet disclosed whether it will work with other payment processors in Europe or other regions.

Ferrari’s move aligns with a broader trend of companies adopting cryptocurrency payments. After the cryptocurrency market’s recovery from the 2022 crash, more firms are exploring digital currencies for payment solutions.

In April, fintech giant Stripe announced it would once again allow customers to accept cryptocurrency payments after a six-year hiatus. Stripe initially explored Bitcoin in 2014 but halted support in 2018 due to volatility concerns. Now, it has re-entered the crypto market, reflecting growing acceptance.

Adoption of Stablecoins

Other payment companies are also integrating stablecoins. Singapore-based payments company Triple-A plans to support PayPal’s stablecoin, PYUSD, by the end of June. Triple-A, the first licensed crypto payments firm in Singapore, already offers services in Bitcoin, Ether, and stablecoins issued by Tether and Circle.

Furthermore, Bitcoin payments app Strike has launched operations in the United Kingdom, demonstrating the growing global interest in cryptocurrency payment solutions.

Ferrari’s expansion of cryptocurrency payment options to Europe is a significant step in adapting to market demands. As more companies embrace digital currencies, the trend towards mainstream crypto adoption continues to gain momentum.