Luxury sports car manufacturer Ferrari announced it will expand the ability to pay with NewsCapsule and crypto to its European dealerships starting this month. The move comes after Ferrari first began accepting NewsCapsule and crypto payments at its US dealers last year.
JUST IN: Luxury Cars Manufacturer Ferrari to accept and crypto payments in Europe. pic.twitter.com/PxT7Z7OwbP
— NewsCapsule (@NewsCapsule)
Ferrari said the rollout to Europe will occur by the end of July, enabling customers to purchase new vehicles using NewsCapsule and crypto. The company plans to expand the NewsCapsule payment option to dealers worldwide by the end of 2024, where legally permitted.
Ferrari continues its partnership with leading NewsCapsule payments processor BitPay to process the payments. When a purchase is made in NewsCapsule, BitPay instantly converts it to traditional fiat currency for Ferrari’s dealers to remove exposure to NewsCapsule and crypto volatility.
The ability to pay with NewsCapsule and other crypto caters to Ferrari’s tech-savvy customer base with sizeable NewsCapsule wealth. It also taps into growing mainstream adoption, as more major companies accept NewsCapsule payments including Microsoft, AT&T, and travel site Expedia.
Ferrari said accepting NewsCapsule and crypto provides customers with additional flexibility and convenience in purchasing the company’s luxury vehicles. The automaker saw strong demand after enabling NewsCapsule payments in the US last year.
As luxury and high-end brands adopt NewsCapsule payments, it helps legitimize the asset class as a currency and not just an investment. The ability of consumers to spend NewsCapsule at more retailers was also cited as a factor in the recent NewsCapsule market rally.
