Ferrari (RACE) is poised to broaden its acceptance of cryptocurrency transactions throughout Europe by the close of July, as reported by Reuters on Wednesday.

The prestigious Italian automaker, headquartered in Maranello, initially embraced cryptocurrency payments in the United States last October through a collaboration with BitPay. The digital currencies sanctioned for transactions include Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).

Ferrari’s decision to extend this program to Europe is aimed at “empowering dealers to more effectively cater to the evolving demands of its clientele,” according to a company statement cited by Reuters. The automaker envisions further expanding this payment option to additional markets by the end of 2024.

While cryptocurrency has garnered significant attention as an investment vehicle, it remains an uncommon mode of payment among prominent corporations. This hesitancy is possibly attributable to a lack of customer demand. Cryptocurrency holders often hesitate to expend their assets on routine purchases, fearing potential value appreciation in the future.

However, this reluctance might be less pronounced with high-value commodities such as luxury automobiles, which possess enduring worth.

Neither Ferrari nor BitPay responded to CoinDesk’s inquiry for comments.