Ferrari is set to expand its cryptocurrency payment option to European dealerships. The Italian luxury carmaker aims to launch this service by month-end.

The company plans to offer crypto payments at more international dealerships by the end of 2024. This expansion will target countries where digital currencies are legal.

Ferrari kicked off crypto payments in the US last year. The move proved successful.

The decision comes as wealthy clients show growing interest in using digital currencies for big-ticket purchases. "It's a no-brainer for us," a company spokesperson said.

Ferrari sees this as a natural next step. They want to help dealers meet changing customer needs.

Many blue-chip firms are still wary of crypto due to its volatility. Ferrari, however, is pushing ahead.

Most European dealers have already adopted the new payment system. Others are in the process of doing so.

Ferrari acknowledges challenges like patchy regulation and high energy use. But they're not letting that stop them.

Countries with strict crypto rules, like China, won't be part of this rollout. No surprises there.

For its US launch, Ferrari teamed up with BitPay. This crypto payment processor handles Bitcoin, Ethereum, and USDC transactions.

BitPay converts crypto to traditional currency right away. This shields dealers from price swings and saves clients from extra fees.

Ferrari hasn't spilled the beans on whether they'll use other payment processors in Europe.

As the crypto market bounces back from its 2022 nosedive, more companies are jumping on the bandwagon.

Fintech giant Stripe recently got back into crypto payments after a six-year break. They had initially tested Bitcoin back in 2014 but bailed in 2018.

Other payment firms are also getting in on the action. Singapore-based Triple-A plans to add PayPal's stablecoin to its supported tokens by June.

Meanwhile, Bitcoin payments app Strike has just set up shop in the UK. The crypto payment scene is heating up, and Ferrari's not about to be left in the dust.