"The White Company" has done very well for itself in spite of the cryptocurrency bear market.
While the cryptocurrency bear market has ravaged much of the cryptocurrency industry, there are a few corners of the industry that have managed to survive, or even thrive, unscathed. The latest example of this seems to be The White Company, a crypto-concierge service that reported $250 million in transactions over the course of 2018 (not to be confused with the clothing company of the same name.)
The secret may be The White Company’s rather wealthy niche customer base: cryptocurrency millionaires - or rather, anyone who wants to cash out hefty amounts of coins in Exchange for luxury goods. “Luxury is not just for the wealthy, and our customers from a variety of ages, incomes, occupations,” said the company’s CEO, Elizabeth White, in a recent interview with Forbes.
The interview said that White and her company have assisted clients in purchasing “Ferraris, Lamborghinis, rare art and jewellery to clients all over the world in exchange for crypto.” Ah, yes, a Lambo - the ultimate mark of success in the cryptocurrency industry.
The White Company provides a desirable service to customers who want to maintain a low profile while cashing out large sums, a feat that has become increasingly difficult as crypto-to-fiat exchanges have become more strict about what kinds of limitations and requirements they place on customers wishing to withdraw cash.
“They wanted to spend and enjoy their wealth… [but] were not able to easily exchange the cryptocurrency into cash, due to restrictions and limitations on exchanges etc,” White explained.
This seems to be the secret to the company’s success: finding an evergreen need within the cryptocurrency market. White won the Stevie Award for the Most Innovative Woman of the Year for the creation of her company.
And in fact, she believes that the bear market is good for the industry as a whole. “The speculative bubble in cryptocurrency is over, which is a good thing, as it allows the community to focus for more serious, long term projects, such as the solutions that [the] White Company is building,” she told Forbes.
Some Corners of the Crypto Market Have Thrived Through the Bear Market
The crypto lending industry has also managed to thrive through the bear market. Companies such as Celsius, SALT Lending, ETHLend, and many others have reported profits that are as high or higher than those reported during more bullish times.
In fact, some voices within the crypto industry at large believe that a market recovery could potentially damage the crypto lending industry: “as the market recovers, fewer holders of tokens will want to borrow against the assets, lowering demand for lenders and forcing them to increase the incentive for people to lend, thus decreasing profitability,” said Kyle Asman, a partner at BX3 Capital, to Finance Magnates.
Not everyone sees things this way, however. “The higher the price of crypto assets becomes, the more demand there will be for people to take a loan collateralizing their crypto rather than selling it directly to fiat,” Phil Zamani, CEO of AERGO and CEO of the board at Blocko, told Finance Magnates. “This is because a bullish trend makes people want to ‘hold’ their crypto, but when they need Liquidity they go for a loan.”
While the cryptocurrency bear market has ravaged much of the cryptocurrency industry, there are a few corners of the industry that have managed to survive, or even thrive, unscathed. The latest example of this seems to be The White Company, a crypto-concierge service that reported $250 million in transactions over the course of 2018 (not to be confused with the clothing company of the same name.)
The secret may be The White Company’s rather wealthy niche customer base: cryptocurrency millionaires - or rather, anyone who wants to cash out hefty amounts of coins in Exchange for luxury goods. “Luxury is not just for the wealthy, and our customers from a variety of ages, incomes, occupations,” said the company’s CEO, Elizabeth White, in a recent interview with Forbes.
The interview said that White and her company have assisted clients in purchasing “Ferraris, Lamborghinis, rare art and jewellery to clients all over the world in exchange for crypto.” Ah, yes, a Lambo - the ultimate mark of success in the cryptocurrency industry.
The White Company provides a desirable service to customers who want to maintain a low profile while cashing out large sums, a feat that has become increasingly difficult as crypto-to-fiat exchanges have become more strict about what kinds of limitations and requirements they place on customers wishing to withdraw cash.
“They wanted to spend and enjoy their wealth… [but] were not able to easily exchange the cryptocurrency into cash, due to restrictions and limitations on exchanges etc,” White explained.
This seems to be the secret to the company’s success: finding an evergreen need within the cryptocurrency market. White won the Stevie Award for the Most Innovative Woman of the Year for the creation of her company.
And in fact, she believes that the bear market is good for the industry as a whole. “The speculative bubble in cryptocurrency is over, which is a good thing, as it allows the community to focus for more serious, long term projects, such as the solutions that [the] White Company is building,” she told Forbes.
Some Corners of the Crypto Market Have Thrived Through the Bear Market
The crypto lending industry has also managed to thrive through the bear market. Companies such as Celsius, SALT Lending, ETHLend, and many others have reported profits that are as high or higher than those reported during more bullish times.
In fact, some voices within the crypto industry at large believe that a market recovery could potentially damage the crypto lending industry: “as the market recovers, fewer holders of tokens will want to borrow against the assets, lowering demand for lenders and forcing them to increase the incentive for people to lend, thus decreasing profitability,” said Kyle Asman, a partner at BX3 Capital, to Finance Magnates.
Not everyone sees things this way, however. “The higher the price of crypto assets becomes, the more demand there will be for people to take a loan collateralizing their crypto rather than selling it directly to fiat,” Phil Zamani, CEO of AERGO and CEO of the board at Blocko, told Finance Magnates. “This is because a bullish trend makes people want to ‘hold’ their crypto, but when they need Liquidity they go for a loan.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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