Each day, Coinrule will run through the state of the digital assets market for Blockbeat, your home for news, analysis, opinion and commentary on blockchain and digital assets . Ferrari announced it will start accepting cryptocurrency payments in Europe by the end of this month. This move follows a successful launch in the US last year.
Ferrari plans to expand crypto payments to other markets soon. The iconic luxury car manufacturer aims to meet the evolving needs of its clients. According to the company, this initiative will support dealers in better addressing customer demands.
This move comes after Ferrari’s successful introduction of cryptocurrency payments in the US in October 2023. Ferrari partnered with BitPay, a leading crypto payment processor, to enable this service. Through BitPay, customers could purchase luxury cars using Bitcoin, Ether, and the stablecoin USDC.
BitPay supports over 100 blockchain wallets, including MetaMask, Trust Wallet, and Ledger Wallet. To protect dealers from the volatility of cryptocurrency prices, the payment processor converts crypto payments into traditional currencies immediately upon transaction. Ferrari’s European expansion is a direct result of the success in the US market.
In the US, the adoption rate among dealers reached around 50%. Although Ferrari has not disclosed whether it will continue with BitPay for other markets, several European dealers have already started integrating the new transaction system. Referring to Cointe.