Ferrari, the luxury sports car company, has announced that it will be expanding its crypto payment scheme to Europe by the end of July. This decision comes after the successful launch of Ferrari’s crypto payment system in the United States last October in partnership with BitPay, a crypto payment processor.
The company also has plans to extend this service to other dealers by the end of 2024. In the US, Ferrari started accepting payments in Bitcoin, Ether, and USD Coin to meet the increasing market demand and requests from their dealers.
To protect its dealers from the volatility of cryptocurrency prices, BitPay will convert the crypto payments into traditional fiat currency without any additional fees or surcharges for clients. This move is aimed at better addressing the changing needs of Ferrari’s clients and providing them with more options for payment.
While some major companies have started accepting crypto payments, challenges such as high energy consumption and regulatory uncertainties are still hindering widespread adoption. Tesla, for example, briefly accepted Bitcoin payments for its electric cars in 2021 before suspending them due to environmental concerns related to Bitcoin mining.
Despite these challenges, there are companies like Crypto.com and Adelaide Oval in Australia that are embracing crypto payments to make them more mainstream. In Australia, sports fans and concert-goers can now use crypto to purchase food and drinks at outlets in the stadium, thanks to a partnership between Crypto.com and Adelaide Oval.
In addition, fashion brands like Balenciaga have also started accepting cryptocurrency payments, following the lead of luxury brands like Gucci. This trend indicates a growing acceptance of crypto payments in various industries and sectors, as companies seek to cater to the preferences of their customers and stay ahead of the curve in the ever-evolving digital landscape.