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Crypto Concierge Reports Bumper 2018 with $250 Million Transaction Scoop

Crypto Concierge Reports Bumper 2018 with 0 Million Transaction Scoop

It appears that luxury goods purchased with cryptocurrency have not suffered from the current bear market if the 2018 receipts of firms such as The White Company are anything to go by.

Elizabeth White’s company, which caters very much for those that have, and indeed want to spend large sums of cryptocurrency on luxury items, returned USD 250 million in transactions last year, according to latest figures released in January.

However, the proprietor claims you don’t need to be rich to sign up. “Luxury is not just for the wealthy, and our customers from a variety of ages, incomes, occupations,” said White in a recent Forbes interview, although the company is clearly aimed at Bitcoin millionaires. She admits that many of her clients need help in purchasing luxury goods such as “Ferraris, Lamborghinis, rare art and jewelry” to clients all over the world paying in crypto.

The White Company’s concierge service may be increasingly becoming a niche market but judging by last years figures, there are still plenty of potential clients out looking to spend cryptocurrency. And now that exchanges have more exacting regulations on large cash withdrawals, White’s site is often a go-to alternative when it comes to buying goods requiring fiat payment. She sees the bear market as no hurdle to progress in the industry:

“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.”

Another market which has profited from the current status quo is the lending sector with companies such as Celsius, SALT Lending and ETHLend recording higher profits than in previous bull periods.


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Blockfi Takes Crypto-Backed Lending to 44 US States with California Coup

Crypto-backed lending platform Blockfi has received a license to operate in California, which takes its spread of business into 44 US states.

The Californian license, on top of the those already held by the company, is an indication of a growing interest in crypto backed lending across the US. Another service, SALT, is currently providing its service in 35 states across the country, with Nexo as another major crypto loan facilitator.

Crypto-backed loans are arranged by the borrower transferring a set amount of cryptocurrency to a participating crypto platform where the assets are stored in a cold wallet as collateral for a cash loan. The loan period can vary but is often between 10% and 20%, with loan terms varying from one month up to as long as five years.

In order to protect lenders, the cryptocurrency deposited always exceeds the loan required with standard loan-to-value ratios coming in at between 40% to 60%, although this ratio can vary. To use this example if a borrower wants a loan of USD 50,000, then crypto asset collateral worth USD 125,000 would need to be deposited.

In a case where the borrower ceases payments for any reason, the platform is at liberty to sell on the collateral thereby covering the loan, or if there is a decrease in the value of collateral – a risk in falling markets – the borrower has 48-72 hours to correct the ratio to its original level. This type of lending can be risky as with market fluctuation, particularly a falling market, both lender and borrower can be taking a gamble.

Blockfi CEO Zac Prince suggests that its platform is aimed at institutional investors:

“We’ve found that a lot of crypto-asset investors are hesitant to use their crypto because of concerns with security and trust in the space… We’ve built our platform with an institutional-quality approach from top to bottom.”

Prince sees as this type of loan facility as appealing to those who want liquidity without selling their crypto assets. Just a few of the plethora of companies now operating in this growing market are Abic Corporation, Coinloan, Othera, Ethlend and Everex.


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