Superyacht brokerage and management company Y.CO has become the first luxury brand to acquire a single letter domain name.

News of the deal for y.co broke ahead of the 2013 Monaco Yacht Show and the move highlights the need for firms to protect their digital presence.

There are currently only a few companies in the world that can boast a single letter domain – ten have been sold so far – and so there is a degree of prestige associated with it, something Y.CO will look to exploit with the improvement of its operations.

In order to tie in with the new domain, the firm is bringing out an iPad app as it seeks to better communicate with consumers who are increasingly mobile and socially connected.

Charlie Birkett, founding partner and chief executive officer at Y.CO, said the domain will give the company the chance to interact with some of the “biggest names in the tech world”.

“Our website is our most important communication channel and we are proud to be one of the first and only companies to have a web address that exactly matches our brand name,” he added.

Mr Birkett stated this type of development allows the brand to build on its reputation as being one of the most innovative companies in the world, as the move will allow it to offer a “truly global service”.

Up until the switch, Y.CO was using the domain ycoyacht.com. However, shifting to an eponymous title will not only offer the company the chance to strengthen its brand, but also ensures it is memorable.

Set up back in 2003, Y.CO describes itself as much more than a yacht company, as it has created its own management software as it seeks to deliver a “pioneering approach to every aspect of yachting”.

Y.CO has become the first luxury brand to acquire a single letter domain name