Ferrari is set to broaden its cryptocurrency payment options across its network of European dealers by the end of this month, following a successful implementation in the United States last year. The Italian luxury sports car manufacturer initiated crypto transactions in the U.S. in October, targeting its tech-savvy clientele. According to a recent press release, this extension into Europe underscores Ferrari’s commitment to evolving consumer preferences.

The company aims to facilitate its dealers’ embracing of the shift towards digital payments, stating that many European dealers are prepared or are finalizing the integration of this new payment mechanism. While specific crypto payment processors for Europe were not disclosed, Ferrari’s U.S. operations partnered with BitPay to handle Bitcoin, Ethereum, and USDC transactions, instantly converting them to fiat to minimize volatility risks.

Ferrari’s approach includes stringent security measures and regulatory compliance to verify the source of funds and manage exchange rate fluctuations effectively. This strategy aligns with broader trends in the luxury automotive sector, where other companies, including Tesla, have experimented with crypto payments.

Ferrari also plans to extend this payment facility to other international markets by the end of 2024, pending legal acceptance of cryptocurrencies in those regions. As of now, Bitcoin’s price stands at $66,375, reflecting the dynamic nature of the cryptocurrency market.