The White Company Launches ‘White Standard’ $USD-backed Stablecoin, Bringing Long-Awaited Liquidity, Transparency, and Stability to Cryptocurrency Holders
Jun. 06, 2018
NEW YORK--(BUSINESS WIRE)--Jun 6, 2018--The White Company, a cryptocurrency pioneer bringing greater stability and transparency to the global market, today launched the White Standard stablecoin and White Wallet in its first step toward building a broadly accessible crypto deposit, purchase, and investment ecosystem. Many investors and individuals are hesitant to utilize bitcoin and ether due to volatility and lack of liquidity, so The White Company provides a stable and secure option to purchase goods or immediately liquidate large crypto holdings to cash, while offering all of the benefits of cryptocurrencies with the peace of mind and fiduciary obligation expected of traditional financial institutions.
Backed directly by U.S. dollar deposits and audited monthly, White Standard stablecoins can be purchased or redeemed at any time, and the creation or deletion of coins will be displayed on TheWhiteCompanyUS.com through The White Company’s unique commitment to publishing $USD daily balances. White Standard is built on the Stellar blockchain which is equipped with larger and faster transaction capabilities and cheaper costs compared to other protocols, allowing for seamless scalability. The first stablecoin built off Stellar, the White Standard’s open source code is audited and verifiable by the public, further confirming that it is secure, fast, and effective.
“The crypto community has yet to see a fully transparent or regularly audited stablecoin on the market. We’re excited to offer the ability for users to leverage White Standard as a simple cash alternative to transact in and out of other crypto holdings while also providing fast payments, without the risk of volatility,” said Elizabeth White, CEO of The White Company. “Another key concern of crypto holders is the liquidity restrictions most exchanges have in place. With White Standard, users can easily cash out to fiat without the typical limits and high fees, invest in other assets, or use their crypto wealth for purchases.”
In parallel, The White Company is also introducing its White Wallet, combining the advantages of decentralized blockchain with integrated payment processing, allowing users to pay anyone, anywhere, with zero fees within The White Company ecosystem. A key component to The White Company’s complete payment economy is rooted in its White Wallet, enabling C2C, C2B and B2B payments using the White Standard stablecoin. The White Company is also developing the White Pay merchant processing system. This will enable anyone with a White Wallet to make simple payments, online or in person, to White Pay enabled merchants with the speed and convenience of a debit or credit transaction but with much less expense to the vendor. The White Pay system will be integrated within White Wallet.
Each White Wallet allows for:Zero fee, instant payments to any other White Wallet user Zero fees to purchase White Standard with $USD, BTC, ETH, and XLM Nominal fee to cash out to $USD (0.1% fee) Unlimited purchase or redemption of White Standard Keys to be safeguarded through White Wallet’s secure, distributed, and redundant blockchain based database system
The White Wallet will also be a gateway to White Company Capital, a subsidiary asset management platform allowing clients to invest alongside some of the world’s top performing money managers with strategies ranging from venture capital, equities, options, futures, bonds, and of course cryptocurrencies. This functionality allows vetted managers to seamlessly tokenize their fund into a liquid, easily tradable and manageable token. Due to the evolving regulatory climate, the invest feature will be initially available for U.S. accredited or non-U.S. investors.
“Leveraging state of the art technology through partnerships with top tier crypto security providers, such as Microsoft Azure Key Vault and Google Authenticator, integrating two factor authentication and biometrics, the White Wallet will have a multifaceted functionality,” said Edgar Radjabli, Finance and Operations Manager of The White Company and Managing Partner of Apis Capital Management. “Security combined with its ability to let users invest their holdings easily and efficiently in a number of tokenized funds representing multiple asset classes were necessary components in empowering users to harness crypto’s potential in the real world.”
The inaugural tokenized fund available on the White Wallet is the Apis Token from Apis Capital Management, which is the first hedge fund enabling investors to participate in the proven returns of a professionally managed, market neutral strategy, while benefiting from the flexibility of a token-based asset.
The White Company was launched in 2017 to provide clients the ability to purchase luxury goods and curated experiences without giving up their desire for privacy. The luxury and concierge services of The White Company remain an important aspect under the White Company Luxury brand. Recently facilitating sales ranging from Super Bowl suite tickets to the first art piece ever purchased with bitcoin - American artist Mark Flood's "Select a Victim" work which sold for 12.3 BTC in late 2017 - The White Company’s roots are in providing a safe, reliable marketplace for crypto investors to spend their cryptocurrencies in a private and compliant manner. Working toward a complete ecosystem, fit with merchant processing capabilities, The White Company is committed to building out the most transparent, trusted, and privacy-driven marketplace in the industry.
About The White Company
Founded in 2017, The White Company offers a stable, transparent, and secure ecosystem for cryptocurrency asset management, payments, and investment of bitcoin, ether, and other coins. Rooted in its $USD-backed, regularly audited White Standard stablecoin and multifunction White Wallet, The White Company enables consumers and companies, alike, to harness the many benefits of digital currency without any of the risk, expense or market volatility. Its luxury marketplace allows the use of cryptocurrency for purchases of high-end merchandise, travel, and experiences, while the White Company Capital asset management division facilitates investments in tokenized hedge funds -- offering greater fluidity for crypto holders worldwide. For more, visit www.TheWhiteCompanyUS.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180606005114/en/
CONTACT: The White Company
Sam Eisele, 646-277-1271
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY INTERNET NETWORKS SECURITY PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: The White Company
Copyright Business Wire 2018.
PUB: 06/06/2018 08:00 AM/DISC: 06/06/2018 08:01 AM