Camper & Nicholsons International, one of the oldest yachting companies in the world founded in 1782, has started accepting cryptocurrency payments via the popular processor BitPay, which supports the meme-inspired cryptocurrency Shiba Inu ($SHIB).
According to a press release Camper & Nicholsons is accepting cryptocurrency payments in a bid to attract new customers and sales “by tapping the massive crypto marketplace.” The firm is accepting crypto for all of its yacht fleet for sale, charter, and other services.
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Paolo Casani, CEO of Camper & Nicholsons, was quoted saying:
We decided to accept crypto to expand our market, cater to new consumer preferences, and give customers more options, flexibility, and freedom
BitPay, Casani added, manages the process for the yachting company, allowing them to receive a cryptocurrency payment from the customer and receive cash on their bank account through the transaction.
The cryptocurrency payments processor allows businesses to accept payments in several cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH) Litecoin ($LTC), Dogecoin ($DOGE), SHIB, and give stablecoins pegged to the value of the U.S. dollar.
Merrick Theobald, Vice President of Marketing and BitPay, noted that the total market capitalization of the cryptocurrency space is now approaching $2 trillion and that Camper & Nicholsons is “well-positioned to take advantage of this wealth by helping those crypto holders who are looking to purchase luxury items like yacht sales and yacht charters.”
Camper & Nicholsons’ move comes shortly after Porsche Towson, a Porsche dealer in the United States, start selling brand new and pre-owned cars for cryptocurrencies including Shiba Inu, accepting the payments via BitPay as well.
Similarly Equinox Group, an “American luxury fitness company which operates several lifestyle brands,” started accepting select cryptoassets for payment of membership fees at its fitness clubs in New York City via BitPay earlier this month.
The growing adoption of SHIB and other cryptoassets among merchants comes as the meme-inspired cryptocurrency’s circulating supply keeps dropping. As CryptoGlobe reported, around $500,000 worth of SHIB were burned by its community ever since its decentralized exchange ShibaSwap launched a burn portal that rewards holders for removing SHIB from circulation.
Burning tokens, it’s worth noting, permanently removes them from circulation by sending them to a wallet from which they can never be retrieved.
Projects often burn tokens to reduce circulating supply, which if met with similar or increasing demand could lead to a rise in the token’s price. The SHIB community has long been favoring token burns, effectively removing from circulation 263 billion tokens from October 2021 to March 2022, according to available data.
The burn portal, however, sends users who burn tokens “burntSHIB” tokens, which can be staked to generate rewards in the form of RYOSHI tokens, a separate token in the SHIB ecosystem.
As CryptoGlobe reported Welly, the world’s first restaurant using the meme-inspired cryptocurrency as a theme, has recently pledged to use a share of its profits, along with specific percentages of revenue from franchise fees, to burn SHIB.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
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