The Italian carmaker Ferrari stated that their decision to accept cryptocurrency transactions aims to better meet the “evolving needs of its clients.”

After launching crypto transactions in the US last year, Ferrari announced plans to extend this option to other countries where cryptocurrency is legal tender by the end of 2024.

In their statement, Ferrari mentioned that they are working with various companies specializing in cryptocurrency payments to ensure transaction security.

“These solutions will enable dealers to accept payments without managing cryptocurrencies directly, as these will be instantly converted into traditional currency,” Ferrari explained.

In the US, Ferrari uses the crypto payment platform Bitpay, which handles this conversion process.

Ferrari emphasized that this method allows them to verify the source of funds and shield transactions from price volatility due to exchange rates.

The high energy consumption of cryptocurrencies has discouraged other car manufacturers, such as Tesla, from accepting them as payment – although Tesla now accepts Dogecoin for merchandise purchases.

Tesla initially began accepting Bitcoin in 2021, but its CEO, Elon Musk, suspended it due to “environmental concerns.”

When Ferrari started accepting crypto payments in the US last year, their chief marketing and commercial officer, Enrico Galliera, informed Reuters that cryptocurrency providers have been striving to lessen their carbon footprint.