Luxury carmaker Ferrari has responded to market demand by introducing the crypto payment option for its product in Europe. The decision follows an earlier rollout in the United States and marks a step further in its bid to cater to a growing list of crypto-centric customers.
As detailed in a Wednesday Reuters report, Ferrari launched crypto payments across the U.S. last October. Expectedly, the launch was met with huge success considering that the Italian firm initially came about the initiative following months of requests from both customers and dealers in the region.
Ferrari Brings Crypto Payment to Europe
As it turns out, this high demand is not limited to the U.S. alone, and the implication of that is that there might be a broader trend of digital currencies finding their way into high-end markets. An official statement from Ferrari reads in parts:
“The entry into the European market is to support dealers in better addressing the evolving needs of clients.”
Reuters’ publication also noted that the majority of dealers in Europe have already begun implementing the new payment solution or are in the process of doing so. This quick adoption hints at a similar success story as seen in the U.S. It may even suggest that digital currencies have ties to luxury.
In the U.S., Ferrari partnered with BitPay as its cryptocurrency payment processor. BitPay plays the part of facilitating transactions in Bitcoin (BTC), Ether (ETH), and the USDC stablecoin. To avoid volatility issues and shield dealers from market fluctuations, these payments are quickly converted to fiat currency and settled.
As of press time, specifics of Ferrari’s European crypto payment processors are not yet communicated or known.
Further Expansion Plans
It has been revealed that Ferrari also plans to extend its crypto payment options to other regions across the world. However, the timeframe for that is yet to be disclosed.
Nonetheless, the strategy appears to position Ferrari competitively within the fast-evolving luxury automobile market space. For better perspective, Tesla, for instance, also gave the nod to Bitcoin payments for its electric vehicles in 2021. However, it has since suspended such payments over environmental concerns associated with Bitcoin mining.
