That-based crypto payment service provider Wanda.exchange has recently announced its entry into the Sri Lankan gem industry.
Wanda’s entry in this industry is expected to bring growth opportunities for both the crypto community and the native gem industry.
The major operations of Wanda were set to start in Colombo in the 1st quarter of this year (Q1’22), with marketing campaigns already active all through the country.
The major motto behind this seems to be the $ 5 Billion Gem industry which Wanda.Exchange believes to be greatly underestimated.
The company’s entry into the Sri Lankan gem industry is expected to impart enormous growth opportunities for the local merchants along with the introduction of cryptocurrency payments to the mainstream.
Sri Lankan Gem Industry
The Sri Lankan gem industry has always been a center of attraction in the international precious gem and luxury services marketplace. With an estimated annual turnover of 5 Billion Dollars, the industry serves some of the finest quality gems in the world.
With the rapidly changing global buyer persona, Wanda.Exchange is said to be stepping in this industry with the aim to introduce cryptocurrency payments. In a recent interview, officials from Wanda claimed that they see enormous growth opportunities in this industry and they see it growing multi-fold in the coming years.
Wanda’s Interest in Sri Lanka
Over the frame of the past four to five years, the number of buyers interested in buying commodities and luxuries in exchange for crypto has increased exponentially. This can be easily understood from the fact that recently a 101-carat diamond sold for $12.3 million in crypto.
The increasing demand and the lustre of this industry has started attracting cryptocurrency firms from all around the world. The recent example being Wanda.Exchange who has recently announced their entry in the Sri Lankan gems industry. According to the senior officials from Wanda, their working principle in this industry would be to collaborate with the existing merchants instead of creating a new network.
Talking further about this, Mr. Diego, the Marketing Executive of Wanda, said that they would be focusing on working along with the local merchants to build a stronger network that benefits everyone. Adding further to it, he claimed that eliminating local merchants has never been a part of Wanda’s strategies and they would always be open to collaborating with local merchants to grow together.
As stated by Mr. Darius, the CEO of Wanda, the modus operandi of Wanda would be to connect “non-traditional buyers” to the Sri Lankan marketplace. According to the analysts from Wanda, this can be a really huge opportunity for both the Sri Lankan gem industry and the crypto community. If Wanda succeeds in attaining their above mentioned goal, it would be a commendable step towards bringing cryptocurrencies to mainstream.
Wanda’s Current Business Presence
Wanda Exchange is a Thailand based crypto payment service provider who enables merchants to exchange their commodities and services in exchange for crypto. Registered and working under the regulations of the Thai Government, Wanda enables merchants to accept crypto payments in a completely legal framework. The founding team of Wanda is already said to have developed their own ecosystem where they plan to link their various components to make a whole new decentralized financial ecosystem.