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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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Royal Yacht Brokers

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With the value of Bitcoin soaring over the past six months, it seems only a matter of time before the yacht brokerage world embraces cryptocurrency. But why has it not take the charter market by storm yet? And what are the key hurdles to buying and selling yachts via Bitcoin? We spoke to five top yacht brokers to get their view.

Tommaso Chiabra of Royal Yacht Brokers, the most recent brokerage firm to embrace this trend told Boat International: “When it comes to the luxury industry, most clients are last-minute in their decisions especially in regards to yacht charters and planning their holidays. By using cryptocurrency they can send us their funds virtually immediately so that we can meet their needs and preferences and they can start their charter as soon as they wish.”

Chiabra, who has been following the rise of cryptocurrency for a long while, adds: “We do believe the blockchain system is fully adaptable to the luxury industry and can see there is a clear advantage to other brokers also in terms of transparency of payments and KYC [identification and verification].”

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Denison Yacht Sales

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One of the earliest adopters of cryptocurrency, Denison Yacht Sales announced back in November 2014 that it would start accepting Bitcoin for yacht transactions. While president Bob Denison admits that this policy has yet to yield a sale, he explains that it has attracted new clients and led to active negotiations, which are still ongoing.

“I think you'll see more brokers in the future offer Bitcoin as a currency option,” Denison predicts. “Firms should be willing to go out of their way to make transactions easier for all clients. And of course, that type of approach is just good for business, and doesn't just apply to the topic of Bitcoin.”

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Fraser

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As one of the market leaders in the brokerage world, Fraser has considered the benefits of cryptocurrencies but does not currently accept them for sales or charter.

Explaining the firm’s stance, CEO Raphael Sauleau said: “At this time, the fluctuation of Bitcoin does not offer security for high-level transactions, however this is something that we are looking at and are working with our banks to incorporate [Bitcoin] into our payments system at some point in the future."

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