Cryptocurrencies are now more commonly accepted as a payment method for everything from travel to watches to yachts. Indeed, the growing prevalence of cryptocurrency is transforming the luxury market. Several factors are driving this trend.
First, the demographic of luxury buyers is diversifying. Younger, tech-savvy buyers increasingly use cryptocurrencies to acquire luxury assets ranging from yachts to art and high-end watches. At the same time, the skyrocketing price of Bitcoin is pushing many to diversify their cryptocurrency holdings into other investments.
Bitcashier, a European-regulated global crypto processing and payment company, exemplifies this trend. CEO and Co-founder Giles Whitby-Smith and his team were inspired to facilitate easier crypto transactions across various luxury sectors. “We realized there are many people who own crypto and want to use it to pay for goods and services.
We wanted to develop a simple-to-use platform that is scalable and adaptable to multiple industries; additionally, Bitcashier’s strong adherence to AML and KYC assures confidence with global brands using our services,” he says. Founded in 2019, Whitby-Smith and his experienced crypto development team spent 14 months building and testing the platform before going live in July 2021. Bitcashier initially focused on the yachting sector, partnering with major brokerages and top yachting partners such as Denison Yachting, Camper & Nicholsons International, and Super Yachts Monaco World.