Sophia Tutino Yachting is continuously finding new ways to break the mould within the yachting industry. A close collaboration with Amber Group has resulted in Sophia Tutino Yachting now accepting cryptocurrency payments. Sophia Tutino Yachting is one of the first in the yachting industry to be making this transition, opening the company up to an entirely new market of prospective Charterers. This decision is a result of the increase in a new generation of High-Net-Worth Individuals transpiring through bitcoin and other forms of cryptocurrency.
Cryptocurrency began with the creation of Bitcoin back in 2009, having many benefits over ‘normal’ currency we have listed just a few for you.
- Incredible security. This is one of the most certain benefits of cryptocurrency.
- Shorter settlement times and low fees. Unlike banks, cryptocurrencies can be transferred at a low cost. They have the benefit of being instant rather than having to wait a few business days for the transfer to settle.
- Exponential growth. Cryptocurrency has been one of the fastest growing markets ever recorded. The total market cap of the cryptocurrency market in 2013 was about $1.6 billion. By June 2021, it rose to over $1.4 trillion.
- A more inclusive financial system. Unlike traditional financials systems, anyone can have access to cryptocurrency. No permission or bank account is required, resulting in a whole new market segment having access to wealth.
There are a few reasons as to why accepting cryptocurrency now is a desirable choice and the figures say it all.
At the end of December 2021, more that 83% of millennial millionaires owned cryptocurrency. Furthermore, over half of these have at least 50% of their wealth in cryptocurrencies. Moreover, 48% of these millennial millionaires plan to increase their crypto holdings in the year ahead, making this more than just a trend.
Over 100,000 people have at least $1 million or more in bitcoins and, as of January 2021, 25 individuals held more than a billion dollars in their bitcoin accounts. With these numbers, along with the safety, privacy, and security of cryptocurrency it is easy to understand why we have begun to accept cryptocurrency payments for yacht charters.
The Amber Group
Amber Group is a leading global digital asset platform servicing retail and institutional clients worldwide. The company was founded in 2017, by a former group of Morgan Stanley, Goldman Sachs, and Bloomberg executives. Amber Group has cumulatively traded over $1 trillion in digital assets across 100+ electronic exchanges and currently boasts over $4.5bn in assets under management. In 2021, Amber Group raised $100mn in Series B funding to become the latest fintech unicorn valued at $1 billion.
Amber Group helps individuals, institutions, and brands produce, trade, collect, and invest in digital assets. Operating at the centre of markets, Amber Group acts as liquidity provider, miner, and validator on 70+ exchanges, applications, and networks.
Amber Group is not only technologically advanced but is also actively working towards greener initiatives. These initiatives include conservation and supporting ocean-based solutions to the climate crisis. This is currently being achieved through Whalefin, an all-in-one digital asset platform, powered by Amber Group, designed to help clients diversify, manage, and grow their wealth digitally in a secure manner. The company is actively attempting to encourage other major crypto companies to follow suit.
We are delighted to be working alongside Amber Group for this project and look forward to accepting our first cryptocurrency yacht charter payment!