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5 top brokers ask: Is Bitcoin and cryptocurrency the future of yacht brokerage?

5 top brokers ask: Is Bitcoin and cryptocurrency the future of yacht brokerage?

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26 North Yachts

Florida-based 26 North Yachts also sees great potential in cryptocurrency to disrupt the brokerage market. Co-founder Mike Carlson said: “Our announcement regarding cryptocurrencies three and a half years ago generated a tidal wave of interest that has continued to this day. That said, many of these clients ultimately made the decision to use US dollars instead.”

Sounding a note of caution, he added: “There is more due diligence required on our end for cryptocurrency transactions, because we as a brokerage house have to go to even greater lengths to confirm that we understand the source of a buyer's funds, in order to ensure that we are complying with all legal and regulatory requirements.”

The reduced costs and increased speed of asset transfers were highlighted by Carlson as the two key benefits that draw clients to cryptocurrency, and for these reasons, he can only see this trend accelerating in future.

“The train has already left the station in regards to cryptocurrencies. In fact, we could envision a future where any yachting transactions done in Dollars or Euros would seem old-fashioned and unnecessarily expensive to execute than the cryptocurrency alternative,” he predicts. “We're not quite there yet, but we're a lot closer than we were when we made our Bitcoin announcement.”

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