Ferrari to accept crypto payments in Europe from the end of this month. The move comes after successful use in the US market.
- Ferrari to accept crypto as payments in Europe The firm started in US last year and will extend to other countries by 2024.
Cryptocurrencies continue to go mainstream with increased adoption by private entities and governments in equal measures. Over the years, crypto has experienced higher regulations and restrictions, making it difficult for individuals and businesses to adopt it as a payment method.
With increased crypto acceptance, Ferrari has made a massive move and will start accepting crypto payments in Europe.
Ferrari extends crypto to Europe
On Wednesday, 24th July, Ferrari, the Italian car maker, said it would extend its scheme to accept crypto payments in its European market.
The company reported that crypto use will start by the end of this month. According to the firm, the acceptance of crypto aims to address the changing needs of its customer base.
Through the official statement, the company reported that,
“Ferrari is leveraging the expertise of various companies active in the cryptocurrency payment sector to ensure transaction security,”
The Italian Car marker further added that,
“These solutions will facilitate dealers in accepting payments without the need to manage cryptocurrencies directly, as these will be converted immediately into traditional currency.”
Therefore, the company will only allow the use of crypto in other countries where cryptocurrencies and other digital assets are accepted as legal tender by the end of 2024.
The firm explained that most of the European dealers have adopted these modes of payment, and others are working to adopt them.
Successful run in the US
In October of 2023, the luxury car maker started accepting crypto in the USA. According to the carmaker, the US market had high demand from customers and dealerships, thus necessitating the move.
Ferrari successfully accepted BTC, ETH, and USDC as US payments last year. In this move, Ferrari partnered with Bitpay to facilitate the payments.
The company argued that many young people have built their wealth through crypto, and the demand for cars among the group is increasing. Since its launch, the program has achieved exceptional success, prompting the company to proceed with the European market.
Undoubtedly, existing crypto regulations and restrictions have been a tough handle for various businesses and individuals. These regulations have prevented the increased acceptance and adoption of crypto as a means of payment.
In various developed countries such as China, cryptocurrencies are restricted.
Equally, the United States also lacks clear rules and guidelines for crypto, making it challenging for investors. In Europe, MICA regulations also affect the spread of crypto use.
Therefore, these restrictions affect crypto’s ability to spread in most countries, allowing businesses like Ferrari to leverage it.
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