Ferrari (RACE.MI) announced on Wednesday its plans to expand its cryptocurrency payment option for its luxury sports cars to its European dealership network starting at the end of this month.

This initiative, which began in the United States last year, will also be extended to other international markets where cryptocurrencies are legally accepted by the end of 2024, according to a statement from the Italian automaker.

While many major companies have shied away from cryptocurrencies due to their volatility, Ferrari decided to introduce this payment method in the U.S. to cater to the demands of its affluent customers.
“The expansion into the European market follows the successful introduction of this alternative payment option in the United States, less than a year ago, to help dealers better meet the evolving needs of our clients,” the company said.

Ferrari noted that most of its dealers in the region have already implemented or are in the process of adopting this new payment system.

The widespread adoption of cryptocurrencies as a payment method has been hindered by uneven regulatory environments and the significant energy consumption associated with crypto transactions. Some countries, such as China, have restrictions on cryptocurrency use.

In launching its U.S. scheme, Ferrari partnered with BitPay, a leading cryptocurrency payment processor, enabling transactions in bitcoin, ether, and USDC, a major stablecoin.

Through BitPay, cryptocurrency payments are immediately converted into traditional currency, shielding Ferrari’s dealers from the volatility of digital currencies and ensuring no additional fees or surcharges for clients.

Ferrari did not specify whether it would work with other payment processors for its European and other international expansions.