For the first time, one of the world’s oldest yachting firms is taking cryptocurrency payments using BitPay, a prominent processor that accepts the meme-inspired cryptocurrency Shiba Inu ($SHIB).
New clients and revenues will be gained “through leveraging the enormous crypto economy,” according to a press statement from Camper & Nicholsons. All of the company’s yachts for sale, charter and other services are now being accepted in cryptocurrency.
Camper & Nicholsons CEO Paolo Casani was reported as saying: As a means of expanding our client base and catering to a broader range of consumer interests, we have chosen to accept cryptocurrency.
Yachting companies may take bitcoin payments from customers and get cash in their bank accounts with BitPay, Casani said.
SHIB is a stablecoin that is tied to the value of the U.S. dollar and may be used to pay in a variety of cryptocurrencies, including Bitcoin ($BTC), Ethereum ($ETH), and Litecoin ($LTC).
“We are well-positioned to enjoy the benefits of this wealth by aiding those crypto holders who are wanting to acquire luxury commodities such as boat sales and yacht charters,” said Merrick Theobald, Vice President of Marketing and BitPay at Camper & Nicholsons.
Shortly after, Porsche Towson in the United States began selling new and pre-owned cars for cryptocurrency, including Shiba Inu and taking payments through BitPay as well. Camper & Nicholsons’ action follows suit.
An American luxury fitness corporation that owns many lifestyle brands, Equinox Group, began accepting several crypto assets through BitPay to pay membership fees at its fitness centres in New York City earlier this month.
SHIB’s circulation quantity continues to decrease, which has led to a rise in the use of crypto assets like SHIB by retailers. Since ShibaSwap’s decentralised exchange created a burn site that compensates holders for eliminating SHIB from circulation, over $500,000 worth of SHIB has been destroyed by its community, according to CryptoGlobe.
By transferring them into an account from which they cannot be recovered, burning tokens permanently deactivate their use.
In order to limit the number of tokens in circulation, projects typically burn them, which, if there is an increase in demand or an increase in supply, might lead to an increase in the token’s price. Token burning has been favoured by the SHIB community for some time, eliminating 263 billion tokens from circulation between October 2021 and March 2022, according to statistics.
Users that utilise the burn portal, on the other hand, get “burntSHIB” tokens, which they may wager to earn RYOSHI tokens, a different currency in the SHIB ecosystem.
Welly, the first restaurant in the world to adopt the meme-inspired cryptocurrency as a motif, has just vowed to spend a part of its revenues and certain amounts of income from franchise fees to burn SHIB, as reported by CryptoGlobe.
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