MILAN, July 24 (Reuters) – Ferrari (RACE.MI, opens new tab stated on Wednesday it might lengthen its scheme to simply accept funds in cryptocurrency for its luxurious sports activities automobiles to its European sellers community from the tip of this month, after beginning in america final yr.
The Italian firm may also lengthen the scheme by the tip of 2024 to different sellers of its worldwide community, in nations the place cryptocurrencies are legally accepted, it stated in a press release.
Though the overwhelming majority of blue-chip corporations have steered away from crypto because the volatility of bitcoin and different tokens make them impractical for commerce, Ferrari began final yr to simply accept funds in cryptocurrency within the U.S., to satisfy requests from its rich prospects.
“The entry into the European market follows the profitable launch of this various fee system in america lower than a yr in the past, to help sellers in higher addressing the evolving wants of its shoppers,” the corporate stated.
It added that almost all of its sellers within the area have already adopted or are within the strategy of adopting the brand new fee system.
Patchy regulation and excessive power utilization have additionally to date prevented the unfold of crypto as a way of fee.
Nations the place cryptocurrencies are restricted embrace China.
For the launch of its scheme within the U.S. Ferrari had turned to one of many greatest cryptocurrency fee processors, BitPay, and allowed transactions in bitcoin, ether and USDC, one of many largest so-called stablecoins.
As a part of the scheme Bitpay will instantly flip cryptocurrency funds into conventional foreign money on behalf of Ferrari’s sellers, defending them from worth swings, whereas excluding charges or surcharges for shoppers.
Ferrari on Wednesday didn’t present particulars on whether or not it might use different fee processors in Europe and in different areas.
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