on 18 Jan 2022
The move is the latest step in the adoption of crypto in the yachting business
Ocean Independence, a leading superyacht charter and brokerage, has announced that it will offer clients the option of cryptocurrency payment. The company is working with Austria-based Salamantex GmbH, a five-year old company that will manage processing of payments. The Blockchain and Digital Asset Team at Vistra, a corporate services provider, provided additional support for Ocean Independence.
“We see great potential for the use of blockchain technologies, especially cryptocurrencies, in yachting transactions,” said Goerg Oehme, team leader and specialist yachting division member for Vistra.
Oehme said that blockchain technology could be the “basis” of the chartering process of the future. “Payment in crypto allows for much faster settlement confirmation compared to payment by bank transfer, and the ability to pay in cryptocurrency will potentially attract new charter clientele, we are very pleased that Ocean Independence has now introduced the process.”
At a press conference during the 2021 Monaco Yacht Show, Denison Yachting revealed that they had completed 18 crypto transactions.
Though there are thousands of different cryptocurrencies available worldwide, Bitcoin is the dominant currency in terms of market capitalisation. A recent Forbes report listed Bitcoin’s market cap at US$882 billion, about the same as the market cap for the next nine cryptocurrencies in the top ten list.
Ocean Independence said that a transaction with cryptocurrencies works in the same way as a classic payment or a normal transfer.
“At Ocean Independence, all brokers are poised in the starting blocks to serve customers interested in this new payment option. This will further enhance our unwavering provision of customer service which is unparalleled worldwide,” said Peter Hürzeler, Managing Partner at Ocean Independence. “As one of the first yachting companies to take this step, we are delighted to facilitate the acceptance of most common cryptocurrencies.”
Acceptance of cryptocurrency as a means of payment has been growing in yachting circles, with Asian investors particularly keen on cryptocurrencies. In 2021, researchers at Campden Wealth noted that Asian family offices were more likely to increase their holdings of digital assets such as cryptocurrencies than the global average.
In 2021, Asia-based yacht dealership and charter company Asia Global Yachting announced its acceptance of cryptocurrency as payment.
Ocean Independence is a full-service superyacht brokerage company, with the largest crewed charter fleet in the world, according to the company. Founded in 2005, Ocean Independence now has 115 employees operating in 13 offices around the world.