Ferrari Expands Cryptocurrency Payment Services to Europe

News platform Reuters reported that Ferrari (RACE) will expand its cryptocurrency payment services to Europe by the end of July.

Maranello, Italy-based luxury sports car manufacturer, partnered with BitPay last October to begin accepting crypto payments in the US. The tokens accepted were bitcoin (BTC), ether (ETH) and USD coin (USDC).

Now, according to the development reported by Reuters, Ferrari, which is working to “better meet the needs of dealers rather than customers”, will implement this practice in Europe as well.

Additionally, the company plans to expand its services to other markets by the end of 2024.

Although crypto continues to gain popularity as an investment tool, it is very rare for large companies to accept cryptocurrencies as a means of payment. Of course, low customer demand also plays a big role in this case. Crypto owners may not be keen on using them for daily purchases as the value of their assets increases.

However, when viewed in the long term, this problem may be eliminated in luxury purchases such as cars.