Asia Tech Wire (July 25) -- Ferrari announced on Wednesday that its European dealerships will begin accepting payments in cryptocurrency from the end of July.

It is working with a number of companies in the cryptocurrency payments space to develop its system, which will make it easy for dealerships to accept payments, will allow for verification of the source of funds, and will protect transactions from exchange rate-related price fluctuations.

The Italian automaker said the move comes to support dealers in better meeting the changing needs of their customers.

Enrico Galliera, chief marketing and commercial officer at Ferrari, said last October that the company had begun accepting crypto payments in the U.S.