Ferrari to Extend Cryptocurrency Payments to Europe: Reuters

• Ferrari wants “to support dealers in better addressing the evolving needs of its clients.”

• Despite crypto’s popularity as an investment tool, it remains relatively rare for major companies to accept it as a means of payment.

Ferrari (RACE) will extend its provision for cryptocurrency payments to Europe by the end of July, Reuters reported on Wednesday.

The Maranello, Italy-based luxury sports car manufacturer began accepting crypto in the U.S. last October, in partnership with BitPay. Bitcoin {{BTC}}, ether {{ETH}} and USD coin {{USDC}} were the tokens accepted.

Ferrari is now extending the program to Europe “to support dealers in better addressing the evolving needs of its clients,” Reuters said, citing a company statement.

The company plans to extend the service to other markets by the end of 2024.

Despite crypto’s popularity as an investment, it remains relatively rare for major companies to accept it as a means of payment, possibly due to lack of demand from customers. Crypto holders might not wish to spend their coins on everyday purchases out of concerns they’ll be worse off if the crypto’s value increases.

This may not be an issue with luxury items like cars, which also hold long-term value.

Neither Ferrari nor BitPay responded to CoinDesk’s request for comment.