PrivateFly launches- ‘Bitcoin Jet Account’ amid rising revenues from crypto

PrivateFly launches- ‘Bitcoin Jet Account’ amid rising revenues from crypto

British private aviation firm-PrivateFly has reportedly announced that nearly 20% of its annual revenues come from passengers paying through bitcoin. The online cryptocurrency has gained considerable recognition as a reliable payment measure in the last two months but previously made a marginal amount of revenue. Despite its increasing popularity, only a handful of airline companies accept bitcoins.

As per latest figures furnished by PrivateFly, nearly 12% of the flight bookings made in December were made through bitcoins. This further rose to 13% in January 2021, a remarkable increase as previously only 2% of the flights were paid via digital currency.   

In a statement by the company, the jump in revenues is highly considered as passengers paying through bitcoin end up spending more on expensive flights.

Adam Twidell, CEO of PrivateFly mentioned that certain clients are aiming at realizing the gains, while others wish to hold on to their cryptocurrency, hoping to double its value in the future. Realizing the importance of digital currencies, the aviation company has introduced a membership plan namely- the ‘Bitcoin Jet Account’ that transacts in Bitcoin and permits the account funds to stay in it, he further added.

For the record, the company started providing the option of bitcoin payment back in the year 2014 when a tech businessman flew from Brussel to Nice and paid through bitcoin. The new membership plan allows passengers to place the bitcoin currency in a single account that may be charged based on the value of the digital currency during the time of booking. Travelers will be allowed to keep their bitcoin and can also add any other payment option and use a different currency.

Seemingly, PrivateFly also accepts payment from Bitcoin Cash, BitPay, Thereum, as well as four USD-pegged stable coins like USDC, GUSD, BUSD, and PAX.

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