For many in the cryptocurrency community, the hashtag #whenlambo signifies the Lamborghini as the embodiment of the aspirational wealth they someday hope to possess. But for Elizabeth White, #whenlambo conveys a personal challenge.
When the hashtag started trending in cryptocurrency forums last year, White says she thought to herself, “You know what, I can get these people a Lambo.” Affluence may abound in the cryptocurrency community, but it isn’t always easy to transform digital wealth in for real-world assets. Punishing transactional fees, low daily exchange limits on trading platforms, and wildly fluctuating values can make trading digital currencies in for fiat a difficult endeavour.
White, who has long worked in the racecar industry, decided to leverage her connections to hedge funds and luxury car dealerships to provide cryptocurrency holders access to the Italian supercar of their dreams. “There’s so much new wealth in the cryptocurrency community,” says White. “Cars seem to be a big seller because it establishes you as a cryptocurrency holder.” Typically, White’s initial exchanges take place over the secure messaging app Telegram.
White says she can facilitate a deal for a luxury car in exchange for cryptocurrencies in a matter of days. “We had a very large sale to a buyer in China from a seller in California for a $US4 million car,” says White.
“The negotiation was very quick. It took less than a week and the settlement took about 30 minutes.” White says her company, suitably called “the White Company,” can handle such fast-paced deals in a mix of fiat and digital currencies because of the liquidity of the hedge fund, Apis Capital Management, with which she works. Read more from businessinsider.com.au…
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