Gulf Craft Implements Crypto Payments for Yacht Purchases

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by Giorgi Kostiuk

a year ago

Gulf Craft has announced the acceptance of cryptocurrency for yacht purchases and repairs, reflecting growing trends towards digital currency integration in the UAE.

Cryptocurrency for Yacht Purchases

Gulf Craft has partnered with fintech firm ARP Pay, enabling the acceptance of USDT and USDC for yacht purchases, repairs, and upgrades, converting them into local or U.S. currency.

Management's View on the Shift

Chairman Mohamed Hussein Alshaali stated that this move reflects the region's innovative spirit, emphasizing that adopting digital payments complements the UAE’s maritime heritage. The company recently conducted a pilot transaction where part of a yacht payment was settled in cryptocurrency, which reportedly lowered costs and enhanced the client experience.

Expansion of UAE's Crypto Ecosystem

This development adds to the expanding crypto ecosystem in the UAE. Abu Dhabi's judicial department now accepts AE Coin—a locally licensed AED stablecoin—for legal fees, while Dubai’s finance authority recently signed an agreement with Crypto.com to allow digital payments for government services.

Gulf Craft's services in accepting cryptocurrency for yachts highlight the growing application of digital currencies across various sectors, positioning the UAE as a significant player in the practical application of cryptocurrencies.

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