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Ferrari expands its cryptocurrency payment system to Europe after its launch in the United States
MILAN (Reuters) – Ferrari said on Wednesday it would expand its cryptocurrency payment system for its luxury sports cars to its European dealer network from the end of the month, after starting in the United States last year.
The Italian company will also extend the system by the end of 2024 to other resellers in its international network, in countries where cryptocurrencies are legally accepted, it said in a press release.
Although the vast majority of large companies shun cryptocurrencies because the volatility of bitcoin and other tokens makes them impractical for commerce, Ferrari began accepting cryptocurrency payments in the United States last year, in response to demand from its wealthy clients.
“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 help dealers better meet the evolving needs of their customers,” the company said.
She added that most of its dealerships in the region have already adopted or are in the process of adopting the new payment system.
Uneven regulation and high energy consumption have also so far prevented the spread of cryptocurrencies as a means of payment.
Countries where cryptocurrencies are restricted include China.
For the launch of its program in the United States, Ferrari turned to one of the largest cryptocurrency payment processors, BitPay, and allowed transactions in bitcoin, ether and USDC, one of the largest stablecoins.
Under the program, Bitpay will immediately transform cryptocurrency payments into traditional currency on behalf of Ferrari dealers, protecting them from price fluctuations, while eliminating any fees or surcharges for customers.
Ferrari did not provide details Wednesday on whether it will use other payment processors in Europe and other regions.
(Reporting by Giulio Piovaccari, edited by Louise Heavens)