Ferrari announced on Wednesday that it is expanding its cryptocurrency payment system to European dealers by the end of this month. The luxury car manufacturer first launched this payment method in the United States last year and plans to extend it to other international dealers by the end of 2024.

Despite the general industry trend where most blue-chip companies avoid cryptocurrency due to volatility, Ferrari has embraced this innovation. The decision came after demands from wealthy customers and a successful initial rollout in the U.S. Ferrari aims to support dealers in meeting evolving client needs.

In the U.S., Ferrari partnered with BitPay to process payments in cryptocurrencies such as Bitcoin, Ether, and USDC. This system protects dealers from price fluctuations by immediately converting digital currencies into traditional currency. It offers benefits like no fees or surcharges for clients.

Details on the specific implementation in Europe have not been disclosed, but most European Ferrari dealers have adopted or are adopting the new system.

Source: Reuters