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Ferrari to expand cryptocurrency payments to Europe, Reuters reports
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Ferrari wants to “help dealers better meet the evolving needs of its customers.”
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Despite the popularity of cryptocurrencies as an investment tool, it remains relatively rare for large companies to accept them as a means of payment.
Ferrari (RACE) will expand its ability to allow cryptocurrency payments to Europe by the end of July, Reuters reported on Wednesday.
The luxury sports car manufacturer based in Maranello, Italy began accepting cryptocurrencies in the United States last Octoberin partnership with BitPay. Bitcoin {{BTC}}, ether {{ETH}} and USD coin {{USDC}} were the accepted tokens.
Ferrari is now expanding the program to Europe “to help dealers better meet the evolving needs of its customers,” Reuters said, citing a company statement.
The company plans to expand the service to other markets by the end of 2024.
Despite the popularity of cryptocurrencies as an investment, it remains relatively rare for large businesses to accept them as a form of payment, likely due to a lack of demand from customers. Cryptocurrency holders may be reluctant to spend their coins on everyday purchases for fear of being left worse off if the cryptocurrency’s value increases.
This may not be a problem for luxury items like cars, which also have long-term value.
Neither Ferrari nor BitPay responded to CoinDesk’s request for comment.
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