Read More...

Buy an Airplane with Crypto

The use of cryptocurrencies as payment methods has literally come a long way since bitcoin first hit the scene in 2009. 

With increased in adoption, people have moved away from using crypto to purchase simple things like pizza, with crypto now able to buy virtually anything around the world. From luxury watches to condominiums and mansions, bitcoin and other digital currencies can now buy you an airplane. Yes, you can own a plane whose cost you pay entirely in cryptocurrency.

In November 2018, a group at Aerotrips offered the public a chance to buy a plane using crypto. Advertised on the group’s aviation-focused online shop was a 2007 Columbia 350 SL that the seller valued at €268,000. 

For interested buyers, the sellers wanted payments to be in either Aeron ($ARN) or Binance Coin (BNB) — the native coin of major crypto exchange Binance. Based on the going rates at the time, you could land yourself a private plane at the cost of 446,666.67 ARN or approximately 31,603.77 BNB. 

The plane was reported to have clocked up to 604 hours in the air at the time of selling. The Aerotip site said the aircraft was based in Austria. Although the airplane wasn’t actually in the league of a G5 Gulfstream, or such other high-end models, the bottom-line remains that it was a plane and one had the chance to snap up using cryptocurrencies.

The news of the sale even caught the attention of Binance CEO Changpeng “CZ” Zhao, who tweeted about it urging Binance users to use BNB to buy the plane. On its part, Aeron informed the public that the purchase was the very first time anyone would be buying an aircraft using cryptocurrency.

Aeron (ARN) is an Ethereum-based ERC20 token whose underlying blockchain technology is used in the aviation industry to track aircraft in terms of pilot log times and maintenance.  

Earlier this year, Aeron launched its CryptoBonusMiles platform, currently in public beta testing. The platform has attracted the participation of 8 of the world’s leading airlines, including KLM, Turkish Airlines, British Airways, Emirates and Lufthansa. The CBM project allows users to earn loyalty bonuses from their favorite airline when they add their card.

%d bloggers like this: