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Luxury Platforms Have China’s New Millionaires Spending Their Cryptocurrency

Luxury platforms have china’s new millionaires spending their cryptocurrency

Luxury Platforms Have China’s New Millionaires Spending Their Cryptocurrency

Luxury platforms have china’s new millionaires spending their cryptocurrency

It’s no secret that bitcoin and other cryptocurrencies have made many people quite wealthy. While some choose to simply exchange their bitcoins for fiat, others prefer to spend their wealth on luxury platforms like Dadiani Fine Arts and The White Company.

When Lambo? More like when Rolls-Royce?

Eleesa Dadiani is the founder of the former. Her London-based fine art gallery accepts a range of cryptocurrencies as payment including bitcoin, Ethereum, and Ripple. The gallery forms part of her Dadiani Syndicate, a platform offering gems, yachts and even private jets to be exchanged for virtual currencies.

While these items may only live on the average person’s wishlist, Dadiani, like other cryptocurrency enthusiasts, believes that this type of payment system should eventually be used by everyone. According to the South China Morning Post, she explained:

We haven’t had a universal currency since gold and silver. A decentralized economy allows for borderless trade, which hasn’t been possible before with such ease; people are used to decision-making in trickles, with the group up top choosing what everyone can and cannot do … cryptocurrency requires a cognitive shift. People need to understand why cryptocurrency should be adopted wider, integrated into our existing way of life, for gradual change.

The White Company describes itself as being “purveyors of luxury to the cryptocurrency world” and if their website is anything to go by, this is exactly what they do. The platform sells extremely high-end products such as valuable art, diamonds, and Lamborghinis. There is currently a Salvador Dali artwork on offer for 79.70 BTC.

Despite China’s clampdown on the cryptocurrency industry, Elizabeth White, the founder, and CEO of the company has said that this is exactly where she is seeing growth in her customer base. She added that some of her customers in Asia “invested early in bitcoin ahead of the 2017 market boom and are looking for ways to spend their crypto wealth.”

The fact that bitcoin’s astronomical price surges last year did indeed make a few millionaires could potentially mean that more expensive brands will begin accepting cryptocurrencies as payment. White added:

Our vision of the future is where anyone can walk into a Rolls-Royce showroom and pay directly, or attend a Sotheby’s auction and bid from their phone with a few swipes of a finger.

Luxury merchants still cautious of cryptocurrencies

However, some of these luxury brands may still be viewing virtual currencies, particularly privacy-focused cryptocurrencies like Monero, as a means to a dodgy end. According to John Patrick Mullin though, this is an issue that regulation could potentially solve. The managing director of the Hong Kong office of trade.io explained:

Most people in the cryptocurrency space are working hard to get bad actors out and go the regulated route.

In addition to regulations, merchants who are new to the industry need to be educated about the fact that while bitcoin is often associated with criminals, that’s not necessarily the case. Not only is every single transaction traceable and can be seen on a public ledge, a recent study by cybersecurity firm Elliptic found that only 1% of bitcoin transactions were of criminal origin.

Can the same be said of traditional cash?

Do you think more high-end brands will soon start accepting cryptocurrency payments? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter

Published at Sun, 15 Jul 2018 18:00:13 +0000

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Exclusive: Discussion With Australian Blockchain Startup Power Ledger Co-Founder Jemma Green

Australian Solar Startler Power Ledger thinks that Blockchain Technology can stimulate the energy industry to more efficiency, reducing both distributor waste and consumer costs.

Since finalizing its initial offer of 34 million Australian Dollars (ICO), the company has participated in several blockchain studies, including one financed by the Australian government.

Power Ledger was co-founded by Dr. Jemma Green, a researcher at Curtin University in Western Australia. Before setting up his Power Ledger, Dr. Green worked as an investment banker at the JP Morgan subsidiary in London, where he also received two postgraduate degrees from Cambridge University in the field of sustainability. Dr. Green was also freshly elected as Deputy Mayor of Perth, Western Australia.

Dr. Green spoke to the CCN about the challenges of disrupting the energy industry with blockchain technology, as well as about the launch of the first ICO in Australia.

CCN: Dr. Green, you have a charming summary, at least. What prompted you to leave the investment banking industry and start developing blockchain-based solutions for sustainable energy?

 Jemma Green: Halfway through JP Morgan I looked encompassing the office and noticed that there were no recycling facilities. I glanced at it and found that 500,000 pounds a year could be saved from their enlightenment, so I threw this concept to COO in Europe, and he said well. Three months later we launched recycling boxes, and I was very excited until I saw that people were recycling in their office boxes. So I formed a secondary phase called “Bin The Bin,” and I shifted the ugliest person in the office.

Something overturned my mind at that moment, and I found that renewable energies are more exciting than my daily work, so I decided to pursue the study of sustainability.

CCN: What will be the role that blockchain platforms, such as Power Ledger, will play in the future of the energy industry?

Jemma Green: Blockchain platforms will support to facilitate our future energy distribution with the better return on investment for solar panels and batteries. It also allows for a low-cost, low-carbon energy system that sets the client in the first place.

Clients will have more authority over their functionalities, as well as a better knowledge of their energy profiles.

CCN: What are the vast barriers that Power Ledger and other energy companies face when trying to decentralize the energy industry?

Jemma Green: There are a lot of adjustments in the field of the energy industry, so it is indeed an obstacle. The most challenging part is finding a way to work within the rules, while disturbing sector – it is a balancing act, but one that we managed through partnerships.

By saying this, there are limited incentives in specific markets for a market that needs to innovate on a platform like the Power Ledger.There is also a massive educational process that has to happen so that purchasers understand their choices when it comes to energy.

CCN: You had an ICO / TGE with great success, mainly since you were the first Australian startup to keep one. What was the most challenging about this experience?

Jemma Green: It was very hard for our resources. I was simultaneously juggling the business while I was also spending 12 hours a day at ICO. Being a startup, everyone has been and still is using multiple hats, so we steadily manage how to spend the best time, making sure that we do not differ too much from our long-term goals.

It’s also hard because you do not need to outsource anything. So we’d be in our telegram chat until 1 am and the dawn break that runs the business. It was imperative for us, as executives, to be involved in the community throughout the ICO process, introducing new customers and leading the company.

CCN: In retrospect, occurs there any aspect of the ICO / TGE you would like to have treated uniquely, or advice that you would give to other companies that are trying to launch token sales?

Jemma Green: Through all the madness, sometimes we were caught reactive preferably than proactive with our official answers. For example, we would be in trenches on our telegram chat!. Talking with each person instead of being strategic and using the voice of the company and getting to it.

We also had crew members radiated all over the globe, which was very good to reach, but brought its challenges. I would advise other ICO’s to prioritize the establishment of an internal connection both in the location and in the discipline.

In retrospect, these things were easy to change, but the reality is that we could not have gotten a better result than what we have achieved.

The post Exclusive: Discussion With Australian Blockchain Startup Power Ledger Co-Founder Jemma Green appeared first on Crypto News 24/7 – Bitcoin News.

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