It’s not just yacht brokerages embracing crypto. So, crypto volatility poses no risk to the merchant.” “This fee is significantly less than the fees charged by credit card companies. “US dollars or Euros are deposited into the retailer’s bank account the next business day, minus a 1% fee that BitPay charges for the entire process,” Zielke says. If the time expires, the customer will be presented with a new QR code, and potentially a different amount.”īitPay then verifies the funds and accepts the crypto on behalf of the retailer. “That price is locked for 15 minutes to give time to make the payment. “When making a purchase with BitPay, the customer will see a QR code with the exact amount of crypto needed for the transaction,” Zielke explains. Of course, crypto's price volatility may concern some, though BitPay has a way of mitigating this risk. SuperYachtsMonaco received settlement for the Oryx transaction the next working day, whereupon it converted this crypto payment into Euros. Meanwhile, new coins that BitPay added to its service last year – including Litecoin (LTC), Dogecoin (DOGE) and Shiba Inu (SHIB) – accounted for 3% of all payments. Alt-coin Ethereum (ETH) gained ground in 2021, representing 15% of the company’s volume, while stable coins, pegged to the USD (such as DAI and USDC), accounted for 13%. Zielke estimates that BTC payments accounted for 92% of BitPay’s volume in 2020, but dropped to 30-65% of processed payments last year. Over the past year, these alt-coins have become popular among investors who believe (rightly or wrongly) that they missed out on the BTC ‘gold rush', which culminated in an all-time high of more than US$68,000 per BTC in 2021. Since the beginning of the year, there’s been a notable increase in the number of brokers, and now boatbuilders, willing to take crypto payments for services and new orders.Īs one example, brokerage SuperYachtsMonaco recently represented the buyer of the 40.2m, Benetti-built Oryx, who purchased the nine-year-old yacht entirely with crypto. On that deal, SuperYachtsMonaco worked with payment processing company BitPay, whose CMO, Bill Zielke, tells Ship & Boat International: “We are seeing an upturn in the purchase of luxury goods in general, including luxury yachts: our Q4 2021 volumes were up 27% vs Q3, and 2021 volumes related to the purchase of luxury goods surged to 31%, vs 9% in 2020.”īitPay's crypto payment options include Bitcoin (BTC) but also a number of alt-coins. Love it or loathe it, cryptocurrency is making steady inroads into the superyacht and megayacht segments. Ship & Boat International eNews: June 2022
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