Ferrari said it would extend its scheme to accept payments in cryptocurrency for its luxury sports cars to its European dealers network, after starting in the United States last year.
The Italian company will also extend the scheme by the end of 2024 to other dealers of its international network, in countries where cryptocurrencies are legally accepted, it said in a statement.
The luxury sports car manufacturer began accepting crypto in the U.S. last October, in partnership with BitPay. When a purchase is made in cryptocurrency, BitPay instantly converts it to traditional fiat currency for Ferrari’s dealers to remove exposure to crypto volatility.
In 2021, electric car manufacturer Tesla also began accepting payments in bitcoin. However, CEO Elon Musk subsequently suspended crypto payments for car purchases due to environmental concerns connected to bitcoin mining.