Can Luxury and Blockchain Save Investors During The Covid-19 Pandemic?
One project is offering an alternative solution to the financial turmoil in the wake of COVID-19.
The current global pandemic is making everyone equal in their fear and confinement – wealthy and poor, famous or not. While many businesses have ceased operations in these difficult times and are waiting for better days to return, some are using the crisis as an opportunity to offer unorthodox solutions, to combat job cuts and market freefall.
Crisis as opportunity
Amid the total collapse of the markets, one innovative and inventive blockchain-fintech company is launching a growth program that will offer rewards in its native crypto EUM. Elitium is adding over 1 million EUMs - each worth around $1 at the moment - to the rewards pool. Rewards can be earned by writing or sharing articles on social media and LinkedIn, helping the company with market-making and creating various online groups, as well as onboarding partners and app users. In a time when people around the world are losing jobs at unprecedented rates, any additional earnings could provide a much needed lifeline.
Interestingly, Elitium has been consistently one of the top performers on CoinMarketCap, despite the critical situation for most coins. As analysts point out, by holding and not selling EUMs, the Elitium community is adding value, something the company has internally dubbed “the resilience movement.”
Part of it may have been some proactive measures taken by the leadership during the current downturn. Last week, the team announced a new staking program that encourages wallet users to hold funds in exchange for up to 6.5% rewards per year in EUM. The project will also launch an Elitium Crypto Card that allows holders to use EUMs for day-to-day spendings and recieve cash backs.
CEO Raoul Milhado says that his main goal is to provide digital solutions that solve real-world problems related to currency and finance. “Ultimately,” he adds, “Elitium wants to help people enjoy their everyday lives – even during the toughest times.”
Elitium focuses on digital luxuries and one of its mottos is to build “the future of luxury”. The company sprung from a digital yacht charter operation Boatsters Black, which let anyone rent a superyacht by paying with one of 55 cryptocurrencies, among other things. Remarkably, Elitium has never held an ICO and is now valued at over $8 million. Milhado attributes this to the company’s focus on long-term value and product development.
Milhado says the company wants to make crypto accessible for everyone, and by providing an education platform, more people than ever before will learn how to invest in alternative assets. He believes this is important, especially in the current environment when people are losing out on traditional investments.
Built on Ethereum, Elitium is currently listed on STEX and Bitmart exchanges, but the team will be announcing a major expansion in the upcoming weeks, including a launch on “an exchange in one of the biggest countries in the world, where crypto adoption is about to start,” according to Milhado.
With no sign of ceasing activities, and a positive plan of action, Elitium is one of a growing band of companies taking the fight to Covid-19. Just days ago, computing giant IBM added their name to that list with the announcement that its blockchain would power a Coronavirus tracking system. In the battle against this ongoing crisis, cryptocurrency and blockchain is truly proving its worth.