Ferrari to Extend Cryptocurrency Payments to Europe: Reuters

Ferrari wants to “support dealers to better meet the changing needs of their customers.”

Despite the popularity of cryptocurrencies as an investment vehicle, it is relatively rare for major corporations to accept it as a means of payment.

Ferrari (RACE) will expand its crypto payments app to Europe by the end of July, Reuters reported on Wednesday.

The luxury sports car manufacturer in Maranello, Italy, began accepting cryptocurrencies in the U.S. last October in partnership with BitPay. The tokens accepted were Bitcoin {{BTC}}, ether {{ETH}} and USD coin {{USDC}}.

Reuters reported that Ferrari is expanding the program to Europe in order to “support dealers to better respond to the changing needs of their customers.”

The company plans to expand the service to other markets by the end of 2024.

Despite the popularity of cryptocurrency as an investment, it is relatively rare for large companies to accept it as a means of payment, probably due to low demand from customers. Cryptocurrency holders may be reluctant to spend their money on everyday purchases for fear that they will be worse off if the value of the cryptocurrency increases.

This may not be a problem for luxury items such as cars that have long-term value.

Neither Ferrari nor BitPay responded to CoinDesk’s request for comment.

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