Elizabeth White made a business out of trading in
cryptocurrency holders’ digital wealth in for luxury items like
Lamborghinis, designer fashion, and yachts.
Now, she’s launching her own cryptocurrency, a “stable
token” called the “White Standard.”
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 endeavor.
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
“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
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 $4 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
“We’re able to quickly convert
someone’s holdings at any moment,” says White. “I can take these
large amounts of money and purchase the items for my client, and
then re-ingest their cryptocurrencies back into the
Among the transactions she’s handled are deals for Super Bowl
suites, yachts, honeymoons, luxury fashion items, and engagement
The ability to cash in digital assets for real-world goods is an
important and validating function for cryptocurrencies, says
“It all goes back to offering cryptocurrency holders something
they need,” she says. “They need the ability to purchase
something in the real world with their digital wealth.”
White’s experience cashing in cryptocurrency assets for tangible
goods has inspired her in an entirely new direction. Now, along
with her finance partner Edgar Radjabli, she’s launching her own
cryptocurrency called “the White Standard” that she hopes will
someday be used to handle the majority of online transactions.
Unlike ether and bitcoin, which have both been historically
traded as a method of speculation, the “White Standard” is a
“stable coin” — a digital token with the chief goal of serving as
a means of digital commerce. White says that each White Standard,
which are built on the blockchain application Stellar, will be
backed by an American dollar, ensuring that the coins maintain a
“As they gain adoption, White Standards will be trade-able on
other exchanges,” says White’s finance partner, Edgar Radjabli.
“You’ll always be able to trade ether and bitcoin in and out of
the White Standard.”
Radjabli said that both he and White started considering the
possibility of their own dollar-backed digital currency when
rumors began swirling that Tether, another dollar-backed stable
token, wasn’t accurately representing the fiat backing for their
The White Standard, which will be backed by Radjabli’s hedge
fund, plans on building a foundation of payment networks for
cryptocurrency trade worldwide.
“We want to build a coin that will let you instantly buy a cup of
coffee or a Lambo with cryptocurrencies anywhere in the world,”