Ferrari has announced a plan to accept cryptocurrencies as payment for its cars in Europe after doing the same in the US The company said the move aims to help it meet the changing needs of its customers, as it plans to extend to other markets It would be noted that some blue chip companies have avoided transacting in cryptocurrencies due to its volatile nature PAY ATTENTION: Follow our WhatsApp channel to never miss out on the news that matters to you! Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market. Ferrari is set to start accepting cryptocurrency payments in Europe, responding to requests from its affluent clientele.
The Italian luxury sports car manufacturer announced that this new payment option will be available in European dealerships beginning in late July. Ferrari embraces crypto for car purchases In a statement, the company mentioned that their expansion into the European market comes after the successful introduction of this alternative payment system in the United States less than a year ago. Read also UK to reveal £20 bn hole in public finances: reports PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! According to DW , this move aims to help dealers better meet the changing needs of their customers.
The statement read in part: "By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted." When Ferrari started accepting cryptocurrency payments in the US, it collaborated with BitPay to facilitate transactions in Bitcoin , Ethereum, and the stablecoin USDC. BitPay converts these cryptocurrency payments into traditional currencies for Ferrari dealers, protecting them from price volatility.
Customers do not face any additional fees or surcharges. Enrico Galliera, Ferrari's marketing director, remarked that this initiative would help attract individuals who might not currently be clients but could afford a Ferrari. Ferrari has not yet confirmed if it will use the same arrangement in Europe .
Read also TSMC leads chipmaker plunge as trade resumes after typhoon pause Most blue-chip companies have avoided cryptocurrency due to the volatility of Bitcoin and other tokens, which makes them impractical for commercial use. Inconsistent regulations and high energy consumption have further hindered the adoption of crypto as a payment method. PAY ATTENTION: Unlock the best of Legit.
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