BitPay Partners with Ferrari- Ferrari Follows Suit with Crypto Payment Adoption
BitPay Partners With Ferrari– Luxury sports car giant Ferrari is gearing up to expand its crypto payment options to its European dealer network this month, following a successful launch in the United States. Reuters reported on Wednesday that the Italian company plans to extend this initiative to other dealers within countries where cryptocurrencies are legally accepted.
Ferrari initially introduced crypto payment options for its cars in the U.S. back in October and had always intended to expand into Europe in response to market demand and dealer requests, especially from clients heavily invested in cryptocurrencies.
The move into the European market comes on the heels of the successful rollout of this alternative payment system in the United States less than a year ago, aimed at helping dealers better meet the evolving needs of their customers, the company stated. According to Reuters, most dealers in the region have either already implemented the solution or are in the process of doing so.
For its U.S. launch, Ferrari partnered with BitPay as its cryptocurrency payment processor, allowing payments in bitcoin, ether, and the USDC stablecoin. Crypto payments to dealers were promptly converted into fiat currency to shield them from price volatility. However, it’s still unclear which crypto payment processors Ferrari will engage with in Europe and other global regions.
In 2021, electric car manufacturer Tesla also ventured into accepting bitcoin payments. Yet, CEO Elon Musk later suspended this option due to environmental concerns associated with bitcoin mining.
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