Ferrari, the luxury sports car giant, is expanding its crypto payment options to its European dealer network this month after a successful U.S. launch.
The Italian company plans to extend the scheme to other international dealers in countries where cryptocurrencies are legally accepted, Reuters reported on Wednesday.
Ferrari initially introduced crypto payments for its cars in the U.S. in October, responding to market and dealer requests, as many of its clients are invested in cryptocurrencies.
“The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients,” Ferrari stated. According to Reuters, most dealers in the region have already adopted or are in the process of adopting the solution.
For its U.S. launch, Ferrari partnered with BitPay, accepting bitcoin, ether, and USDC stablecoin, with payments converted into fiat currency to shield dealers from price volatility. The crypto payment processors for Europe and other regions remain unspecified.
In 2021, Tesla also began accepting bitcoin payments for its electric cars but later suspended the option due to environmental concerns related to bitcoin mining.
The Block has reached out to Ferrari for further comments.