The worlds of cryptocurrency and yachting meet yet again as yacht charter marketplace Borrow a Boat has started accepting cryptocurrency as payment for yacht charters.
Given that a recent report suggested that 71% of high-net worth individuals have invested in digital assets (Capgemini’s World Wealth Report 2022) and with more than 20,000 cryptocurrencies in circulation, it’s no real surprise that Borrow a Boat has moved to accept crypto. This year has already seen superyacht brokerage firm Ocean Independence offer payment options involving cryptocurrency, and luxury yachting company Camper & Nicholsons do the same.
Transactions involving luxury assets such as superyachts can move slowly owing to their multi-jurisdictional aspects and heavy reliance on paper documents. The involvement of cryptocurrency and crypto-technology more generally has the potential to speed these transactions up, removing the need for the involvement of intermediary banks and, if utilised in conjunction with the emerging technology of smart contracts, allow for automation of contractual performance reducing the risk that either party may breach their contractual obligations. Whilst the technology arguably remains in its infancy, it is clear the potential benefits are there for the taking for early adopters.
We covered the blossoming relationship between cryptocurrency and yachting transactions, in our webinar here: https://www.shoosmiths.co.uk/insights/past-webinars/do-you-accept-crypto-demystifying-cryptocurrency-yacht-transactions
Disclaimer
This information is for general information purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. Please contact us for specific advice on your circumstances. © Shoosmiths LLP 2024.