Ferrari will expand its formula for accepting cryptocurrency notes in Europe until the end of July, Reuters reported on Wednesday.
The Italian luxury car manufacturer also plans to expand its service to other dealerships until the end of 2024. Last October, Ferrari began accepting crypto banknotes in the United States for its high-end cars, in partnership with BitPay, a crypto payment processor.
At the time, it reported that bills were accepted in Bitcoin, Ether, and USD Coin. This resolution follows an building up in marketplace call for and repeated requests from their dealers.
“The access to the European market follows the successful launch of this selective payment formula in the United States less than a year ago, for dealers to better meet the wishes of their customers,” Ferrari said.
To protect Ferrari dealers from cryptocurrency value fluctuations, BitPay will convert cryptocurrencies into classic fiat currency, visitor fees or surcharges.
As market prices continue to rise and it’s a popular form of investment, it’s only natural for large companies to accept cryptocurrency payments.
However, despite this, high energy consumption and lack of regulatory clarity prevent crypto bills from being widely accepted, especially among giant companies.
In 2021, for example, Tesla began accepting Bitcoin bills for its electric cars; however, CEO Elon Musk suspended cryptocurrencies due to the use of fossil fuels related to Bitcoin mining.
Despite this, some are embracing crypto payments in hopes of making them mainstream.
In April, Crypto. com and Adelaide Oval, one of Australia’s leading sports venues, teamed up to offer the first crypto tickets at a main stadium in Australia. As part of the collaboration, sports enthusiasts and concertgoers in the country pay with crypto for food and beverages at stadium establishments.
In 2022, the Balenciaga fashion logo followed in Gucci’s footsteps and began settling for cryptocurrency payments.
Please note that some of the links on this site will direct you to third-party Internet sites, some of which are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We would possibly obtain a monetary refund from those third parties. Notwithstanding any such relationship, no liability is accepted for the conduct of any third party or the content or capabilities of their Internet sites or applications. A link, positive reference or review of any broker or exchange shall not be considered an endorsement of that broker or exchange’s products or facilities.
Risk Warning: Investing in virtual currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (for example, contracts for differences (“CFDs”) is speculative and carries a maximum of risk. Each investment is exclusive and comes to exclusive risks.
CFDs and other derivatives are complex tools and carry the highest risk of temporarily wasting money due to leverage. You want to ask yourself if you understand how an investment works and if you can afford the increased risk of wasting your cash.
The costs of cryptocurrencies can vary especially and are therefore not suitable for all investors. Cryptocurrency trading is not supervised by any EU regulatory framework. The above functionality does not guarantee long-term results. Any trading history submitted is less than five years old, unless otherwise stated, and is possibly not sufficient as a basis for investment decisions. Their capital is in danger.
When you make stocks, your capital is at risk.