SuperYachts Monaco partners with Bitcashier to accept cryptocurrency
SuperYachts Monaco has partnered with cryptocurrency Fintech company, Bitcashier to expand its financing options for clients. The move will enable clients to complete cryptocurrency transactions for charter and sales.
The international brokerage’s partnership with Bitcashier reflects the trend towards cryptocurrencies becoming an increasingly accepted and preferred form of payment throughout the yachting industry.
Giles Whitby-Smith, CEO and founder, Bitcashier told Superyacht Investor that the firm was excited to work with a major global player in the superyacht market. “Bitcashier shares the same ethos and passion [as SuperYachts Monaco], with both companies believing strongly in a digital future with cryptocurrency being at the forefront,” he said.
The Bitcashier CEO also said the company had already completed six superyacht sale transactions this year. It also provides a similar service for business aviation.
Bitcashier processes transactions by using a timed QR code which reflects real time pricing of a vessel’s contract price for charter or sale. “Or if preferred a ‘white glove’ OTC service whereby our skilled trade team will execute the cryptocurrency transaction,” said Whitby-Smith. “Either method is fast, smooth and risk free to the transacting parties with contract price settled to the broker’s bank account in the client’s currency of choice.”
SuperYachts Monaco joins Yachtzoo, Pelorus, Denison, Borrow A Boat, Helm and Camper & Nicholson in a growing number of brokerages that now accept cryptocurrency.
Recently, cryptocurrency exchange FTX completely collapsed, leaving some fearful of what this might mean for the future of cryptocurrency in superyachting.
However, some industry insiders, including Bitcashier’s Whitby-Smith, told SYI that the benefits of cryptocurrency for the yachting sector would outweigh its short-term difficulties.