Ferrari, the luxury sports car manufacturer based in Maranello, Italy, has announced that it will be expanding its acceptance of cryptocurrency payments to Europe by the end of July. This decision comes after the company successfully implemented crypto payments in the U.S. last October in partnership with BitPay. The accepted tokens included Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
According to a report by Reuters, Ferrari’s decision to extend its cryptocurrency payment services to Europe is aimed at supporting dealers in meeting the changing needs of their clients. The company plans to further expand this program to other markets by the end of 2024.
While cryptocurrencies are popular as investment tools, it is still uncommon for major companies to accept them as a form of payment. One possible reason for this could be the limited demand from customers, as crypto holders may be hesitant to spend their coins on everyday purchases in fear of missing out on potential value appreciation.
However, luxury items like Ferrari cars, which are known for their long-term value retention, may be an exception to this trend. Customers who purchase luxury goods may be more inclined to use cryptocurrencies for transactions.
Despite the announcement, neither Ferrari nor BitPay has responded to requests for comments from CoinDesk. It is important to note that CoinDesk is a reputable media outlet covering the cryptocurrency industry, with a dedicated team of journalists who adhere to strict editorial policies.
In November 2023, CoinDesk was acquired by the Bullish group, which also owns Bullish, a regulated digital assets exchange. The Bullish group, majority-owned by Block.one, has interests in various blockchain and digital asset businesses and holds significant amounts of digital assets, including Bitcoin. CoinDesk continues to operate independently with an editorial committee ensuring journalistic independence, and employees, including journalists, may receive options in the Bullish group as part of their compensation.
Overall, Ferrari’s decision to expand cryptocurrency payments to Europe reflects the growing acceptance of digital currencies in mainstream industries. This move could pave the way for other luxury brands to explore similar payment options, catering to the evolving preferences of tech-savvy consumers.