Elizabeth White, the CEO and founder of the White Company, a New York-based company that provides the “opportunity for clients who hold wealth in cryptocurrencies to [anonymously] purchase luxury goods”, has said we need to “encourage merchants to accept cryptocurrency” through “payment systems where they don’t have to worry about the volatility as they have the option to convert immediately to fiat.”
White, a New York Stern School of Business graduate, told CryptoGlobe that “we need to make it easier for people to use cryptocurrency in everyday life” by providing payment processing gateways that “can be used anywhere MasterCard/Visa are accepted.” She explained that “this is a simple way that a two-sided network (for merchants and consumers) can be created.”
White, whose crypto concierge business helped clients transact over $250 million even during the extended bear market, argued that:
In the long term, the goal is of course for consumers and merchants to simply accept and use cryptocurrency for payment. For example, since White Standard USD (White company’s stablecoin) does not change in value when Bitcoin falls, a consumer can pay a merchant for a product, the merchant can then pay their employee using WSD. In turn, the employee will go to another merchant and use the WSD they have to buy what they need.
"Ownership" Of All Assets "Will Be Represented On The Blockchain"
This creates a perfect, efficient circle of cryptocurrency based payment system, without the complexity, high cost, inefficiency and centralization of the current global payments systems. To help new users get comfortable with crypto, we have worked with various partners that offer promotions and pay them in crypto.
According to White:
The future economy will be 100% digital asset based. Every asset, from money to investments (like Apis Token which was the first tokenized hedge fund), to real estate, or ownership of anything will be represented on the blockchain. It's more efficient and more secure.
Interoperability, Better Financial Management Are Key
Although White does not know “which blockchains will actually be used to do this”, she thinks that “we can't really have 100 different protocols for 100 different asset classes.” She also mentioned that:
Interoperability is key. Despite the wishes of many purists, governments will play a large role in adoption of digital assets for everyday use. You can't have ownership of real world items if it's not recognized by the legal system.
When questioned about whether she uses her skills and experience as a successful entrepreneur to help others better manage their business and finances, White remarked: “We work with Apis Capital Management, which is a registered commodity trading advisor (CTA), and it is able to serve clients that need financial management services as it relates to cryptocurrencies and other investments. We saw a lot of crypto investors be overly optimistic at the end of 2017 during the bubble and [many of them] ended up losing 90% of their crypto net worth in 2018.”
Asset Management, Global Digital Identity Are Top Use Cases For Cryptos
She further noted:
However, many of our clients that received good advice were able to cash out and diversify into other investments. Many effectively ended 2018 with 10 times or more in networth than their colleagues.
In response to a question about whether she thinks that if more luxury retailers began accepting cryptocurrencies, it would help in mainstream adoption, White said:
It certainly will and that is one of our goals as we expand White Pay (a service that makes it easier to pay with crypto), with a focus on the luxury sector. Luxury merchants help provide the validation needed for new technologies.
According to White, the three top industries that cryptocurrencies can help improve include financial/global payments services, asset management, and portable global digital identity.