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Stablecoins Enter the Luxury Market as Gulf Craft Launches Regulated Payments
In a groundbreaking move, Gulf Craft, a UAE-based luxury yacht manufacturer, has announced its decision to accept stablecoin payments for their high-end vessels and services. This development marks a significant milestone in the adoption of cryptocurrencies in the luxury market.
Gulf Craft’s partnership with Bahrain-licensed fintech ARP Pay enables the conversion of transactions into AED or USD, ensuring seamless integration with existing payment systems. The company reports that this shift has already yielded lower transaction costs and increased customer satisfaction among international buyers.
The CEO of Gulf Craft, Erwin Bamps, emphasized the alignment of their decision with international client expectations and long-term strategy. “Adding a crypto option future-proofs our customer experience,” he stated. Chairman Mohammed Hussein Alshaali echoed his sentiments, citing the UAE’s rich history in maritime innovation and digital infrastructure support.
Gulf Craft becomes the first shipyard in the Middle East and North Africa (MENA) to offer a fully regulated crypto payment solution, setting a precedent for high-value transactions. The company’s decision is reflective of the broader trend of cryptocurrency adoption across various sectors in the UAE.
Source: coinrevolution.com
