Ferrari To Accept Crypto Payments in Europe After US Success
Highlights
- Ferrari to expend crypto payment facility to European dealer network by the end of July.
- Ferrari will continue using BitPay to process crypto payments, which will convert cryptocurrencies into traditional currency instantly.
- Market analysts are awaiting for Tesla to resume bitcoin payments again.
Luxury sports car manufacturer Ferrari announced on Wednesday, July 24, that it would be expanding its scheme of accepting crypto payments to European dealers network by the end of this month. After tasting success in its American dealerships, Ferrari is planning to expand this service to other regions worldwide.
Ferrari to Accept Crypto Payments
As per the latest reports from Reuters, the Italian car manufacturer is now looking to expand this scheme to other dealer networks globally by the end of 2024. However, they would limit accepting crypto payments in countries where digital assets are legally permissible.
After seeing the Bitcoin and crypto bull run-up last year in 2023, and continued further in 2024, Ferrari decided to take the plunge and accept crypto as its long-term strategy. The company said:
“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”.
For the launch of its crypto payments scheme last year in the US, Ferrari turned up to the biggest cryptocurrency payment processor, BitPay, as it allows accepting payments in Bitcoin, Ether, and one of the largest stablecoins USDC.
Under the new arrangement, Bitpay will instantly convert cryptocurrency payments into traditional currency for Ferrari’s dealers, shielding them from price fluctuations and waiving fees or surcharges for customers.
Ferrari did not disclose on Wednesday if it plans to use additional payment processors in Europe or other regions.
Will Tesla Resume Bitcoin Payments Again?
After accepting Bitcoin payments in early 2021, Tesla gave up on the plan a few months later citing energy concerns associated with Bitcoin mining activities. While a large part of the Bitcoin mining activity has turned green, Tesla has yet to resume BTC payments on its front.
56.5% as of today.https://t.co/W7rgBIZBxL pic.twitter.com/kCWrQsM6bx
— Willy Woo (@woonomic) July 23, 2024
On the other hand, Elon Musk has been citing concerns about the potential collapse of the US Dollar going ahead. Thus, it is about time that the tech billionaire once again acknowledges the potential of Bitcoin and starts accepting BTC payments. This would also encourage other companies to join the bandwagon.
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