Summary:
Ferrari to expand cryptocurrency payments to Europe by the end of July 2024.
Initial acceptance of crypto began in the U.S. in October 2023.
Currently accepting Bitcoin, Ether, and USD Coin.
Plans to extend to more markets by the end of 2024.
Despite crypto's popularity, acceptance as payment remains rare among major companies.
Ferrari Expands Cryptocurrency Payment Options to Europe
Ferrari (RACE) is set to expand its cryptocurrency payment options to Europe by the end of July 2024, according to a report by Reuters. This move follows the company's initial acceptance of cryptocurrencies in the U.S. back in October 2023, in partnership with BitPay. Currently, they accept Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
The Italian luxury sports car manufacturer aims to support its dealers in better meeting the evolving needs of clients. The company also has plans to extend these payment options to additional markets by the end of 2024.
Despite the growing popularity of cryptocurrencies as investment tools, their acceptance as payment remains relatively rare among major companies, potentially due to a lack of demand. Many crypto holders are hesitant to spend their assets on everyday purchases, fearing they could miss out on future value increases. However, this hesitation may not apply to luxury items like cars, which tend to retain long-term value.
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Neither Ferrari nor BitPay has commented on this expansion yet, but it’s clear that Ferrari is making strides to adapt to the changing landscape of payment options for luxury purchases.
For continuous updates on cryptocurrency payments and luxury markets, stay tuned to our coverage.
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