BermudAir Partners with Zero Hash to Offer Stablecoin Payments

Philippe Bekhazi, chief executive of XBTO, left, BermudAir flight attendants, Adam Scott, founder and CEO of the airline, and Edward Woodford, founder and CEO of Zero Hash, at the announcement of a partnership during the Bermuda Digital Finance Forum

Introduction to Stablecoin Payments

HAMILTON, Bermuda, CMC—BermudAir has become the first airline in the world to offer native stablecoin payments for ticket bookings after it announced a partnership with Zero Hash, a Bermuda-based fintech company.

BermudAir has made inroads into digital finance, including issuing a one-million tokenized bond in partnership with crypto custodian XBTO.

The Partnership and Its Benefits

The announcement was made during the inaugural Bermuda Digital Finance Forum, showcasing how local businesses are innovating financially.

Under the agreement, travelers will soon be able to purchase flights using stablecoins, digital currencies tied to traditional money like the US dollar.

The founder and chief executive of Zero Hash, Edward Woodford, told the Royal Gazette newspaper that passengers will be accepted directly on BermudAir’s website and mobile app and that the feature is expected to go live by the end of August.

“For certain customers, this may make a lot of sense, and for BermudAir, it makes a lot of sense to offer this,” he told the newspaper.

Advantages of Stablecoin Payments

Currently, international travelers often face one to three percent foreign transaction fees when buying flight tickets with a credit card. Stablecoins can avoid those fees and allow payments to be processed instantly without relying on banks or dealing with currency conversions.

“We’re eliminating the friction of currency exchange and foreign transaction fees. This is about making the experience faster, cheaper, and more inclusive for travelers worldwide,” said Adam Scott, founder and chief executive of BermudAir.

Zero Hash’s Role and Bermuda’s Growing Presence in Digital Finance

Woodford said Zero Hash’s role is to keep the experience seamless for customers and the airline.

“They just need to embed our kind of embeddable widget, which makes it very simple. Stablecoins effectively cut out intermediaries and make it streamlined,” he told the Royal Gazette, adding that stablecoins are becoming more common, even if users don’t always realize it.

He said that through platforms such as PayPal and Venmo, “you can access stablecoins seamlessly. ”

Zero Hash, which is licensed in Bermuda under the Digital Asset Business Act, sees the island as an ideal global hub.

“We find that Bermuda is a great point for our global business. Clear regulation that is adaptive to what is ultimately an adapting technology,’ Woodford said, noting that the partnership also reflects Bermuda’s growing presence in digital finance.

“We’re scaling out. That’s why we’re here. We’re invested in the region and continuing to build.”

Conclusion

In conclusion, the partnership between BermudAir and Zero Hash marks a significant milestone in the adoption of stablecoin payments in the airline industry. With the ability to purchase flights using stablecoins, travelers can expect a faster, cheaper, and more inclusive experience. As Bermuda continues to grow its presence in digital finance, it is likely that we will see more innovative partnerships like this in the future.

Frequently Asked Questions

A: Stablecoins are digital currencies tied to traditional money like the US dollar.

Q: How will stablecoin payments work on BermudAir?

A: Passengers will be able to purchase flights using stablecoins directly on BermudAir’s website and mobile app.

Q: What are the benefits of using stablecoin payments?

A: Stablecoin payments can avoid foreign transaction fees and allow payments to be processed instantly without relying on banks or dealing with currency conversions.

Q: When is the stablecoin payment feature expected to go live?

A: The feature is expected to go live by the end of August.