One of the biggest problems that bitcoin and other cryptocurrencies have faced is that they were initially designed to serve as payment tools, though very few companies have shown a willingness to accept them alongside credit and debit cards or cash. However, thanks to firms like Fast Private Jet, this is changing quickly.
Fast Private Jet Allows Digital Currency Payments for Plane Rides
Fast Private Jet is a charter flight company based in Italy. It began accepting digital currency payments for travel expenses back in 2020, and since then, approximately 33 percent of all flights utilizing its fleet are paid for in crypto.
This is a big deal considering that many of the world’s most well-known cryptocurrencies were designed to be used as payment tools. They were supposed to knock credit cards, cash and checks to the side, and ultimately give more power to buyers. However, there are several stores and retail outlets in the world that have refused to cooperate given that these currencies tend to be very volatile. Thus, the stores are afraid to lose profit, and to an extent, we can’t really blame them.
Consider the following scenario. Someone walks into a retail location and purchases $40 worth of merchandise with BTC. For one reason or another, the store does not convert that money into fiat and a whole day goes by. Suddenly, the price of bitcoin drops, and that $40 turns into $25. While the customer gets to keep everything they bought, the store has lost $15 in profit. Is this a fair situation? Not everyone thinks so, which is why there are still so few companies willing to see crypto as a valid payment option.
For Fast Private Jet, it is estimated that one out of every three flights is booked using cryptocurrency. Some of the major assets the company is willing to accept are bitcoin, bitcoin cash, Ethereum, and Ripple’s XRP. The company’s founder and CEO Mauro De Rosa explained in a statement:
The use of leading-edge technological instruments has always been a key component of our corporate vision. This readiness to adapt to the quickly evolving technological landscape of the 21st century has allowed the company to distinguish itself while enjoying significant growth in today’s global aviation industry.
Working with Its Clients
The firm recently recorded the single largest digital currency transaction – worth more than half a million dollars at the time of writing – for a single private flight. The company has been in business for approximately 20 years and offers a large fleet of world-class jets to both private and corporate flyers. It also provides access to a wide array of global air-taxi firms, so that all their customers’ travel circumstances can be met.
Lastly, the company also provides private helicopter services, catering, chauffeuring, and concierge services to its clients.