Borrow a Boat to accept cryptocurrency payments

Yacht charter marketplace Borrow a Boat has started accepting cryptocurrencies as payment for yacht charters.

The announcement follows the successful introduction of payment using cryptocurrencies by its premium bespoke charter broker Helm – acquired by the Borrow a Boat group in June 2021. Through Helm, the Borrow a Boat group claims to be the world’s first yacht charter specialist to offer this payment service.

Customers booking through Borrow a Boat can pay for their yacht charter by transferring the relevant amount of cryptocurrency to Borrow a Boat’s Kraken business wallet.

“Following Helm’s successful introduction of crypto payments last year, we feel the time is right to bring this modern, easy and convenient payment method across our group,” says Matt Ovenden, CEO and founder of Borrow a Boat. “Whilst payment using cryptocurrency is still in the minority, having this capability allows us to open up the world of yacht charter to a wider – and in many cases younger – client base, who are keen to dip their toes into the world of boating.

“And for those who prefer to book their charter to the last minute, the speed of crypto payments enables customers to confirm a booking, and transfer funds securely and instantly and within 24 hours.

More yachting firms are moving into crypto, as the technology becomes more widely understood and accepted. In January 2022, superyacht brokerage firm Ocean Independence started offering clients the option of payment with cryptocurrencies. And in May 2022, luxury yachting company Camper & Nicholsons began accepting cryptocurrencies as payment for all goods and services via BitPay.

“The introduction and application of new technologies are continually helping us revolutionise the charter industry, and enabling this payment method helps us to continue on our mission to create a more accessible, flexible and inclusive boating industry for all,” adds Ovenden.

Helm founder Peter Harrison adds: “Access to cryptocurrencies like Bitcoin and Ethereum provide our clients with a speedy, secure and seamless service. Now that there are several established exchanges, getting and using coins is incredibly easy and convenient.”