Introducing Cryptocurrency as a Payment Method

Introducing Cryptocurrency as a Payment Method

Cryptocurrency, a virtual digital currency, is reshaping financial transactions. Unlike traditional currencies, cryptocurrencies exist solely in digital form, symbolized by an address and cryptographic system.

September 25, 2023

Towards the future of digital assets

Cryptocurrency, a virtual digital currency, is reshaping financial transactions. Unlike traditional currencies, cryptocurrencies exist solely in digital form, symbolized by an address and cryptographic system. This innovative method enables buying, selling, and lending just like tangible assets such as real estate, shares, and bonds. Popular names include Bitcoin (BTC), Ethereum (ETH), USDC, and USDT, with values influenced by demand and supply. With a market capitalization of $1,140 billion as of 17/08/2023, cryptocurrencies are rapidly evolving, yet relatively small compared to global financial markets.

Introducing Cryptocurrency as a Payment Method

The Unique Nature of Cryptocurrencies

Operating on blockchain technology, cryptocurrencies offer transparency and traceability, allowing secure transactions without intermediaries. These transactions occur around the clock, with almost immediate effects.

Seizing the Potential in Yachting

Cryptocurrencies have paved the way for innovative payment methods in various industries, including yachting. Bitcashier, in partnership with BGYB, is leading the charge in revolutionizing yacht transactions. By embracing cryptocurrency, yacht buyers can leverage their digital assets to purchase yachts. This forward-looking approach streamlines transactions, offering quick, transparent, and secure exchange processes.

Bitcashier: Your Trusted Partner

As a reliable digital asset partner, Bitcashier collaborates with BGYB to facilitate smooth cryptocurrency transactions. Bitcashier conducts meticulous KYC/AML onboarding processes, ensuring compliance and trust in the regulatory landscape. By working closely with buyers, sellers, and exchange platforms, Bitcashier ensures that the crypto-fiat transfers meet the highest standards and market conditions.

Towards a Digital Asset Future

Bitcashier's strategic partnership with BGYB is shaping the future of yacht transactions. Embracing the transformative potential of cryptocurrencies, this collaboration emphasizes transparency, security, and efficiency. As the financial landscape evolves, Bitcashier and BGYB are pioneering a new era in yacht sales, merging traditional luxury markets with the digital age. This collaboration extends to the application of the MICA regulation, progressively implemented by ESMA in Europe from 2024, underpinning transparent and regulated digital asset operations.

Facilitating Yacht Transactions with Cryptocurrencies

Cryptocurrencies, prized for their controlled and auditable value storage, are now venturing into tangible asset transactions. As the regulatory landscape evolves, broker agents face intensified scrutiny, necessitating vigilant KYC/AML onboarding for buyers and due diligence on digital assets. This includes KYT (know your transaction) and KYA (know your address) protocols to ensure the legitimacy of crypto portfolios and transactions. Yacht buyers can purchase entire yachts or parts thereof using cryptocurrencies, while sellers, averse to crypto, benefit from transparent transactions via exchange platforms.


Sample Transaction:

Listed BGYB yacht sale price: €4 million

Buyer's offered crypto amount: €1.5 million

Buyer's crypto payment (after Bitcashier's audit and fees 0.75%-1% depending on transaction size – paid by the buyer) : €1 million

Seller's received fiat amount: €4 million

Fiat sale execution: up to one week settlement depending on yacht logistics 

Crypto sale execution: within one business day for settlement 


Streamlined Onboarding and Security

Prospective buyers undergo regulatory due diligence and onboarding supervised by Bitcashier. BGYB's selling clients, however, experience minimal administrative burden and enjoy the full sale amount minus brokerage fees. While fiat transactions' escrow accounts remain BGYB's domain, the partnership sees Bitcashier managing the crypto component's escrow for seamless integration.


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Media Contact: Bettina Hugues


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