Managing large sums of money only in purchases with cryptocurrencies represents a great future for this market, as mentioned by spokespersons of The White Company
The White Company issued a statement where it declares that during the past year this business managed more than 250 million dollars among its customers, who use this corporation to make purchases of luxury goods, using Bitcoin or other cryptocurrencies.
These luxury products range from fine works of art, gold watches to expensive automobiles. High-end products can be paid in cryptocurrencies anonymously for security and even delivered anywhere in the world.
The large volume of money that the company handled in 2018 is due to the fact that The White Company has dedicated itself to selling different luxury products through multiple platforms. These online spaces allow users to buy high quality products using different types of payment, including cryptocurrencies.
Elizabeth White, CEO of this organization and who is also one of the founders of the company based in New York, said they seek to focus on generating the “opportunity for customers who have wealth in cryptocurrencies to buy luxury products”.
During a recent interview White offered to Forbes magazine, she mentioned that since Bitcoin’s birth she became very interested in technology. She explained that, for her, the idea of being able to manage a decentralized digital currency which allowed the direct sending of assets without using intermediaries, instantaneously and safely, could become the technology of the future, something like an “investment in counterculture”.
With the increasing popularity and use of cryptocurrencies in 2017, many enthusiasts bet on crypto-business and mining. In this way large sums of money were generated in cryptocurrencies, turning these people, mostly young technologists, into millionaires and all this in a short time.
However, as commented by White, at that time these investors did not have so much access to the free exchange of all their riches in cryptocurrencies into fiduciary money, so the purchases of some types of items became a big problem.
In addition, Elizabeth White observed that there was certain nervousness on the part of the new crypto-millionaires since “they had the feeling that their money could disappear as quickly as they got it”. For this reason, investors decided to acquire goods and take advantage of the luxuries that cryptocurrencies offered them at the time.
As a solution for this new high-level sector, The White Company partnered with the company Apis Capital Management to solve the liquidity and currency exchange needed by the company to pay its suppliers in fiduciary money. With this solution they were able to offer those customers a stable option according to their needs.
“The cryptocurrency speculative bubble is over, which is good, since it allows the community to focus on more serious long-term projects and probably there will only be a handful of cryptocurrencies that will continue to be relevant in a few years. The market will focus on transactional transactions to simplify global payments, as well as on the use of blockchain technology to simplify the management of real-world investment assets (such as real estate, hedge funds, among others)”, said Elizabeth White, referring to the growth of blockchain technology.
Apart from offering a broad payment mechanism so that their customers can pay in the way they want, the company has exchanges services and a wallet. In fact, it developed a payment platform which allows the protection of these assets. According to Elizabeth White, this application offers what the company has as a rule and philosophy: the anonymity of its customers.
It is vital for the company to protect, first of all, the privacy of its users and meet its customers’ needs.
By María Rodríguez