Luxury sports car manufacturer %Ferrari (NYSE: $RACE) has announced that it will accept %Cryptocurrency payments from its customers in Europe starting at the end of July this year.
The Italian automaker known for its distinctive red coloured sports cars began accepting crypto payments in the U.S. last autumn and is now extending that payment method to Europe.
Cryptocurrencies that Ferrari accepts include %Bitcoin (CRYPTO: $BTC), %Ethereum (CRYPTO: $ETH) and %USDcoin (CRYPTO: $USDC).
Ferrari said it is allowing European customers to pay for their vehicles using crypto because it wants to “support dealers in better addressing the evolving needs of clients.”
Ferrari is unique among automakers in accepting cryptocurrencies as payment. Despite growing acceptance, it remains rare for companies to accept digital tokens as payment.
However, Ferrari has said that a growing number of its customers are young, wealthy crypto investors and they want the freedom to use digital currencies.
Executives at Ferrari have said that their company is different from other automakers in that many people buy their sports cars as an investment whose value appreciates over time.
The stock of Ferrari has gained 31% in the last 12 months and currently trades at $416.46 U.S. per share.
Many analysts refer to Ferrari as a “luxury brand” rather than an automaker.