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Luxury carmaker Ferrari now accepts cryptocurrency payments in Europe. Photo: Coinpaprika (Emphasis ours) |
According to Reuters, Ferrari will expand its cryptocurrency payment program for its luxury sports cars to dealerships across Europe starting this month. The program was first introduced in the US last year.
In the same statement, the Italian brand also announced its plan to extend this program to other dealerships within its international network in countries where cryptocurrency is accepted.
Despite the volatile nature of cryptocurrencies and the legal issues surrounding them, Ferrari has embraced this payment method to cater to the demands of its wealthy clientele. Many large companies have steered clear of cryptocurrencies due to the extreme volatility of Bitcoin and other legal concerns.
“The entry into the European market follows the successful introduction of this innovative payment system in the USA less than a year ago. This is to better support dealers in managing the ever-changing needs of their clientele,” Ferrari stated.
When the program was first launched in the US, Ferrari partnered with the US-based cryptocurrency payment platform BitPay to process transactions involving Bitcoin, Ether, and USDC, one of the most stable cryptocurrencies in the market.
As part of the program, BitPay instantly converts cryptocurrency payments into traditional cash for Ferrari’s dealerships, protecting the carmaker from price volatility while eliminating any additional fees for customers.
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Customer can buy Ferrari with Bitcoin and some other cryptocurrencies
Most well-known companies around the world do not use cryptocurrency for payment or transaction when buying their products. The reason is that virtual currency is considered a speculative asset with high risks.
