Ferrari has unveiled plans to enable cryptocurrency payments in Europe, barely a year after launching a similar offering in the US.
The Italian car manufacturer also plans to roll out crypto payments to other countries where crypto is accepted by the end of 2024, it said in a statement .
The car manufacturer plans to leverage the expertise of crypto companies to facilitate such transactions. Crypto payments will be automatically converted to fiat to protect dealers from the volatility risks of managing crypto directly, it said.
Ferrari partnered with BitPay to process crypto payments in the US, where it allows crypto purchases using Bitcoin (BTC), Ether (ETH), and Circle’s USDC stablecoin (USDC).
Ferrari pointed out that making crypto payments available to dealers will address diverse client needs. Requests from wealthy customers in the US ignited the car manufacturer’s journey into accepting crypto payments.
Most Ferrari dealers across Europe already have a crypto-payment system in place or are working on them, it said.
Automotive Brands Push Into Crypto
Ferrari is not the first automotive brand to venture into crypto. Electric vehicle company Tesla already accepts payments in Dogecoin (DOGE) for select products on its website. The car manufacturer also holds Bitcoin.
Automotive giant Toyota is also exploring Blockchain technology. Last week, Toyota Blockchain Lab proposed having public blockchain accounts for car owners.
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