Ferrari, the renowned luxury sports car company, is planning to introduce cryptocurrency payment methods to its European dealerships in the upcoming month, after successfully launching it in the United States.

On Wednesday, Reuters reported that the Italian company will expand the program to additional dealers in their global network, targeting countries where cryptocurrencies are legally permitted. This move comes after the successful launch of the cryptocurrency payment system in the United States in July 2024.

In October, Ferrari introduced the option of using cryptocurrency as a mode of payment for their luxury cars in the United States. The company had plans to extend this payment option to Europe in the coming days. This decision was made after receiving numerous requests from both the market and dealers, as a significant number of Ferrari's customers were already invested in cryptocurrencies.

According to Reuters, the company stated that it has entered the European market after the successful introduction of this alternative payment system in the United States less than a year ago. The purpose of this move is to assist dealers in effectively meeting the changing needs of their clients. The company further mentioned that a majority of dealers in the region have already embraced the solution or are currently in the process of doing so.

Ferrari has joined forces with BitPay to serve as its payment processor for the U.S. release, allowing for payments to be made in bitcoin, ether, and the USDC stablecoin. To safeguard dealers from market fluctuations, any cryptocurrency payments will be promptly converted to fiat currency.

However, the specific crypto payment processors that Ferrari plans to utilize in Europe and other areas are still unknown.

In the year 2021, Tesla, a company that produces electric cars, also initiated the acceptance of bitcoin as payment. However, CEO Elon Musk later decided to halt the use of cryptocurrency as payment for car purchases, citing environmental issues associated with the mining of bitcoin.