Good news for crypto users as Ferrari accepts Bitcoin, Ethereum, others for its cars

• Ferrari has announced a plan to accept cryptocurrencies as payment for its cars in Europe after doing the same in the US
• The company said the move aims to help it meet the changing needs of its customers, as it plans to extend to other markets
• It would be noted that some blue chip companies have avoided transacting in cryptocurrencies due to its volatile nature

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

Ferrari is set to start accepting cryptocurrency payments in Europe, responding to requests from its affluent clientele.

The Italian luxury sports car manufacturer announced that this new payment option will be available in European dealerships beginning in late July.

The car maker stated that the initiative would help attract individuals who might not currently be clients but could afford a Ferrari. Photo credit - Ferrari, Fair Observer
Source: UGC

Ferrari embraces crypto for car purchases

In a statement, the company mentioned that their expansion into the European market comes after the successful introduction of this alternative payment system in the United States less than a year ago.

According to DW, this move aims to help dealers better meet the changing needs of their customers.

The statement read in part:

When Ferrari started accepting cryptocurrency payments in the US, it collaborated with BitPay to facilitate transactions in Bitcoin, Ethereum, and the stablecoin USDC.

BitPay converts these cryptocurrency payments into traditional currencies for Ferrari dealers, protecting them from price volatility. Customers do not face any additional fees or surcharges.

Enrico Galliera, Ferrari's marketing director, remarked that this initiative would help attract individuals who might not currently be clients but could afford a Ferrari.

Ferrari has not yet confirmed if it will use the same arrangement in Europe.

Most blue-chip companies have avoided cryptocurrency due to the volatility of Bitcoin and other tokens, which makes them impractical for commercial use.

Inconsistent regulations and high energy consumption have further hindered the adoption of crypto as a payment method.

Source: Legit.ng