Luxury carmaker Ferrari is stepping on the gas when it comes to cryptocurrency, announcing plans to extend its crypto payment scheme to European dealerships by the end of July.
What Happened: The Italian automaker is catering to its tech-savvy clientele by offering Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and USD Coin (CRYPTO: USDC) as payment options for its high-end vehicles.
This follows a successful launch in the United States last year, according to Reuters.
Interestingly, Ferrari isn't the first blue-chip company to embrace crypto – but it is certainly one of the most high-profile.
"We're shifting gears to meet the evolving needs of our discerning clientele," said a Ferrari spokesperson. "The enthusiastic response in the U.S. has paved the way for this European expansion."
The program, set to roll out by the end of the month, will allow affluent car enthusiasts to purchase their dream vehicles using select cryptocurrencies.
Ferrari plans to further accelerate this initiative, aiming to implement the payment option across its global network by the close of 2024, wherever crypto transactions are legally permitted.
While many blue-chip companies have kept their distance from the volatile world of cryptocurrencies, Ferrari's decision to embrace digital assets sets it apart in the luxury market.
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Why It Matters: The move comes as a response to growing demand from its wealthy customer base, who increasingly view cryptocurrencies as a viable payment method for high-value transactions.
"Our clients are at the forefront of financial innovation," the spokesperson added. "We're simply aligning our services with their preferences."
To navigate the complexities of crypto transactions, Ferrari had previously partnered with cryptocurrency payment processor BitPay for its U.S. operations.
This collaboration allowed for transactions in Bitcoin, Ether and USDC, while protecting dealers from market fluctuations by immediately converting crypto payments into traditional currency.
However, the company has yet to disclose details about potential partnerships or specific cryptocurrencies accepted for its European expansion.
The success of this program could potentially influence other luxury brands to follow suit, despite ongoing concerns about cryptocurrency's environmental impact and regulatory uncertainties.
This development highlights the growing intersection between traditional luxury markets and the world of digital assets, a topic that's sure to be a key point of discussion at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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