The luxury watch buying and selling platform Watches World accepts Bitcoin (BTC) and major cryptocurrencies as a payment method. With the integration of the Utrust payment solution, Watches World is fulfilling the expectations of cryptocurrency and watch lovers.
A platform for buying and selling luxury watches
Watches World is a platform for buying, selling and trading luxury watches. A support is offered to the customer at any stage of the buying or selling process, to answer all the questions he may have.
Indeed, the Watches World team is composed of experts in the field and the luxury watches offered on the site are all inspected in great detail to ensure their authenticity.
Finally, the company is present on 4 continents as it has offices in 10 major cities, including Paris, Hong Kong, Miami, London and Dubai. Delivery is relatively fast, no matter where the order is placed from, thanks to this global presence.
Thus, to extend this vision, the company accepts payments in Bitcoin (BTC) and all top 100 cryptocurrencies, as long as they are convertible on Binance.
To offer this service, Watches World has turned to the payment solution Utrust. This startup is well known in the cryptocurrency industry and was recently acquired by Elrond Network. It is a digital payment blockchain platform, allowing businesses to easily integrate a cryptocurrency payment solution.
Already used by many Web 3.0 companies, Utrust allows for instant cryptocurrency purchases to be made securely, while the company receives the transaction amount immediately in fiat currency for a 1% fee per transaction.
To learn more about why this integration happened and what Watches World’s founder imagines for the future, we asked him a few questions.
What motivated you to integrate cryptocurrencies into your payment methods?
“I’ve been personally involved in cryptocurrencies since 2011 and have experienced the various payment issues. For me, it’s important to be able to offer this payment method that will hopefully become a globally adopted payment method. It’s the fastest and most secure way to exchange for the type of items we sell.”
Do you plan to take your adoption of cryptocurrencies and Web 3.0 further?
“We have been working on a peer-to-peer exchange platform for several years that is planned for the second half of 2022. This platform incorporates non-fungible token technology (NFTs) for authentication and transactions. We are also developing an online store, totally virtual, in which our collection is presented. You can make your purchases directly in this 3D digital environment. Finally, we have plans to develop our own cryptocurrency in the future. And we have acquired several locations in the major metaverse (The Sandbox, Decentraland and NFT World).”
Investing in a luxury watch
It’s worth asking what the point of investing in a luxury watch is. In addition to the aesthetic aspect and the pleasure of owning such an object, it can be a particularly interesting investment since some models keep their value very well. Some watches can even appreciate with time and become a collector’s item.
A luxury watch can therefore be considered as a tangible asset, easily transportable and relatively liquid. It is of course possible to insure it.
The demand for luxury watches has particularly increased during the Covid-19 pandemic. This is combined with a shortage as luxury watch manufacturers (Rolex, Patek Philippe, etc.) maintain a low level of production despite a steady increase in demand.
As a result, the buy-and-resell market has grown tremendously and Watches World is posing as an innovative leader in this sector with this first step into the cryptocurrency world.
