- BTC payments at PrivateFly surge to 19% due to BTC price increase.
- The company set the record as the first global private jet company to accept payments via Bitcoin in 2014.
- PrivateFly’s new Bitcoin Jet Account now allows clients to hold onto their Bitcoin, by opening a membership and keeping their account funds in BTC.
- PrivateFly also supports payments in bitcoin cash (BCH), Ethereum (ETH), and four USD-pegged stablecoins (GUSD, USDC, PAX, and BUSD).
Booking flights with crypto has risen with the brand. The numbers shot up in December 2020 to 12% from 2%. Furthermore, they spiked to 13% during the first month of 2021.
PrivateFly CEO, Adam Twidell, says that they have accepted BTC payments for many years now. However, it seems that crypto payments only took off in recent months.
This is due to BTC’s price surge. As around 13% of the brand’s flights were paid for in BTC in the last month. Before that they saw just 1-2% each month.
Thus, in terms of revenue, BTC payments make up 19% of PrivateFly’s sales revenue across December and January. Specifically, those using BTC are spending more than average on their flights.
Notable, the company continues to set new world records. In particular, PrivateFly has introduced a new Bitcoin-based private jet membership program. The program allows members to keep their account funds in Bitcoin and also to pay for future flights
With 19% of revenue & 13% of our flights paid in #Bitcoin last month, we’ve launched a tailored Jet Account – allowing clients to hold their membership account funds in Bitcoin if they wish to do so. Read more: https://t.co/eltxRIoYxj #BTC @BitPay pic.twitter.com/ewQCh059No
— PrivateFly (@PrivateFly) February 15, 2021
Additionally, PrivateFly became the first global private jet company to accept payments via BTC in 2014. Since then the company offers clients the ability to pay in BTC (or other cryptocurrencies) via BitPay for one-off flights or memberships.
Many of our clients are tech-savvy and entrepreneurial people, which is why we started accepting bitcoin payments for one-off flights in 2014, a world-first at the time,” Twidell noted.
However, the payments are immediately converted to euros, pounds or dollars, to remove volatility risk. Aside from BTC, PrivateFly also supports payments in Bitcoin Cash (BCH), Ethereum (ETH), and four USD-pegged stablecoins (GUSD, USDC, PAX, and BUSD).