Cryptocurrency adoption in the Aerospace industry appears to be gathering stream as popular Aircraft vendor Aviatrade has introduced crypto-transactions on its payment platforms enabling users to purchase aircraft using popular cryptocurrencies.
$40 Million Gulfstream Jet First to Be Listed
Aviatrade intends to introduce crypto payments gradually for its products and currently has one aircraft listed for purchase using cryptocurrencies which is the multimillion-dollar Gulfstream G650ER aircraft.
The Gulfstream G650ER is the flagship brand of the American aircraft manufacturer and has a famous user list including tech billionaire Elon Musk and Amazon founder Jeff Bezos. The 7,500-nautical mile jet is usually favored by top-rank executives who frequent intercontinental trips and don’t have the time for incessant fuel stops.
The current aircraft listed for sale is a six-year-old plane that has been used majorly in Asia and is returning to its production base in Georgia, America. Aviatrade has placed an asking price of $40 million for the aircraft with the option of payments in cryptocurrencies.
Crypto Adoption on the Rise for Cross-Border Payments
The acceptance of cryptocurrency by Aviatrade for the sale of the Gulfstream G650ER jet is significant as it shows the growing acceptance of the use of crypto assets for cross border transactions.
This is evident in developing countries where many are turning to crypto-assets for remittances and the Aerospace sector appears to be following suit. Using cash to buy a luxury aircraft like the Gulfstream G650ER is usually complicated and subject to cross-border regulations in several countries.
Furthermore, the use of regular bank transfers would result in steep transaction fees for its asking price of $40million. Cryptocurrencies solve these problems by offering seamless cross border transactions while maintaining low transaction fees.
Blockchain platforms like Ripple have gained a reputation with their cross-border solutions which has been integrated by over 50 financial institutions globally. There are also tons of crypto platforms that are providing effective cross-border services.
The Aerospace industry has generally been receptive to blockchain technology with key industry players integrating the blockchain-based solutions. BTCManager recently reported that Asian giants China are set to equip their new Aerospace centre with a blockchain-based governance system.