Yachtzoo to accept cryptocurrency for superyacht sales
Superyacht brokerage Yachtzoo has partnered with global crypto payment service provider BitPay. The new alliance will enable its clients to purchase, charter or sell yachts using cryptocurrency.
Whilst most transactions will be made using conventional currency, a select number of yachts from Yachtzoo will be made available for purchase or charter using digital currency. 121ft (37m) M/Y Palm B (pictured) is currently listed for €1.9m, or around 96.33 BitCoin (BTC). For clients who use this service to sell their yachts, BitPay will convert the sale fee into a currency of their choice.
“We are always looking at innovative solutions to enhance our customers’ experience,” said Darrell Hall, co-founder, Yachtzoo. “Our partnership with BitPay is another way we make [chartering, selling, or acquiring] as easy as possible for our customers.”
Using crypto as a viable form of payment creates an opportunity to open the market up to new buyers, particularly individuals who have accumulated significant wealth in digital currencies.
Cryptocurrencies such as Bitcoin and Ethereum have soared in popularity. First thought to be a passing fad of the digital age, they can now be used to purchase everyday items on Amazon, property or superyachts.
Clients using BitPay to sell, charter or buy a yacht will arguably benefit from increased payment transparency, reduced fees, and a smoother purchase experience, according to Yachtzoo. The blockchain technology used by cryptocurrency also allows for increased privacy and shorter transaction times, often just seconds compared with bank transfers that can take up to five business days.
Cryptocurrency is a virtual currency that uses a decentralised system to record transactions and issue new units. It is one of the fastest-growing markets in the world. Today (July 14th), the total value of the crypto market, commonly referred to as the market cap, is $884.79B, according to the cryptoasset price-tracking website CoinMarketCap.
BitPay was among some of the earliest adopters of crypto at the start of the cryptocurrency revolution when founded in 2011, two years after Bitcoin was launched. By utilising blockchain payment processing, it enables borderless payments using cryptocurrencies like Bitcoin. BitPay claims these solutions eliminate transaction fraud and reduce the cost of payment processing.
Yachtzoo is a global superyacht brokerage with offices in Monte Carlo, Fort Lauderdale, London, Yokohama and Buenos Aires. Founded in 2007, it provides sales and charter services to clients as well as new build, superyacht berths and vessel management solutions.