When you’ve been in an industry for years, you get to know it well. You understand how it works, who does what well, and what things could be done better.
Meaning that if a new technology comes along that could help with point three (the part about ‘doing things better’), you can quickly find a competitive advantage, provided you move fast.
That’s precisely what Raoul, JP, and Collin — the Elitium co-founders — have done. They’ve leveraged their experience and understanding of the luxury, legal, and blockchain landscapes to get a few steps ahead of the competition.
Now, they have a luxury platform that has several competitive advantages across the utility, value, and security it offers.
If that’s a little high-level, let’s make things more concrete.
What Are Elitium’s Three Competitive Advantages?
Most companies look to double-down on one competitive advantage and build an empire from there. Elitium is working in an emerging space, so first-mover advantage has morphed into three more competitive edges for the team to focus on.
Edge 1: Utility
There are now over 5,500 cryptocurrencies in circulation. But precious few are useful in everyday life. Elitium’s vision is to create a digital currency that’s as easily exchanged for a morning coffee as invested in a luxury hotel. One you can spend where you like and earn instant cashback or hold knowing you can get up to 6.5% rewards.
This dedication towards utility stands Elitium apart. Moreover, the team’s focus on simplicity, which you can see in products like our one-click staking program, further proves how anyone can use the cryptocurrency.
As you can see, EUM is different from the other 5,449+ cryptocurrencies. And one day, it could become the digital currency you use in everyday life.
Edge 2: Value
Value is driven in no small part by utility. First, we developed a cryptocurrency that’s easy to access and easy to store. Now, we’re launching products that make it valuable — hence, we see value as edge number two.
Value could mean accessing the Elitium App and browsing the exclusive experiences on offer, or finding a unique investment opportunity at Elitium Capital and putting your currency to work. It could mean you’re new to crypto and want to get rewards while learning about the space via the Elitium Growth Program — or maybe you know a thing or two about the blockchain and can get value by being an ambassador for our brand.
Edge 3: Security
There’s no way a currency can be useful if it is not secure. As such, we’ve invested time and energy in creating an industry-leading blockchain that ensures the security of all our products.
The Elitium card leverages our technology to guarantee the safety of cardholders’ funds (and if ever there were a fraudulent transaction, our pioneering insurance protocol EUM-i is a welcome safeguard). While our staking program uses a background staking protocol —EUMS — to add an extra layer of security.
Everything we do, we do with security in mind. And our unique combinations of technologies gives us a significant advantage over traditional incumbents.
A Strong Network Completes The Picture
Even if you have the technology, it’s hard to launch a business without the right partnerships.
Elitium CEO Raoul has a strong network from his time at Boatsters, which spans potential platform users as well as hundreds of top-end luxury brands. This means Elitium was not launched from a standing start.
Quite the contrary.
Existing partnerships have been fundamental in launching projects like the world’s first blockchain-powered yacht charter.
Moreover, the fact Elitium moved into the luxury-meets-blockchain space first is helping attract new partners thanks to the network effect, which is a final barrier to entry that could prove impossible to overcome — should any other company try to compete.