The process of selling a yacht traditionally can take months or years, but blockchain technologies aim to change that. An article published in Forbes on March 29, 2021, highlights Idoneus for pioneering an asset trading platform that transcends borders and traditional currencies. “Idoneus uses blockchain to solve several challenges including verifying the identity of those involved in a transaction (reducing risk for fraud), recording transactions using smart contracts which solves risks associated with the use of multiple currencies, and eliminates additional costs of third parties by enabling peer-to-peer direct transactions for the sale of assets, goods and services,” says Neil Pennington, senior advisor on strategy & innovation at Idoneus.
The article highlights the $25 million Majesty 140 yacht, awarded NBC ‘Best in show’ in the Fort Lauderdale International Boat Show, and available on the Idoneus platform. Greg Terraglio, owner of Sovereign Yacht Sales, says: “Listing on the Idoneus platform exposes the Majesty luxury brand to a global market of confirmed, qualified and capable buyers. One of the valuable components of working with Idoneus is that as a Swiss regulated firm, they have access to many potential buyers who have completed a three-tier KYC/AML process already. These buyers are qualified before owning the IDON cryptocurrency and becoming a potential purchaser of one of our yachts.”
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