Nasdaq-Listed Leading Luxury Marketplace Adopts VeChain Blockchain Technology

The official announcement shared on February 28, 2019, states that Reebonz Holding Limited (Nasdaq: RBZ), a leading online luxury marketplace and platform in Southeast Asia, has signed a Memorandum of Understanding (“MOU”) with VeChain, a leading global enterprise-level public blockchain platform, to adopt its blockchain technology to establish the end-to-end provenance of luxury products sold on Reebonz’s platforms, which will help further its ecosystem strategy.

End-to-end Tracking and Authentication Solutions

The document explains that the collaboration is set to develop a digital tag that will enable the development of upstream and downstream supply chain assurance to allow product traceability, supply chain planning, product management, and proof of ownership.

Leveraging VeChain’s expertise, it will provide tamper-proof solutions that cannot be replicated or reused. Data, which is unique to every product sold, will be kept on the VeChainThor blockchain.

Torres Oey, Chief Technology Officer of Reebonz expressed,

“Building trust with our customers is one of our core values. This partnership will strengthen our vision of making luxury accessible to everyone and giving the power to our shoppers in determining the authenticity of products that they have purchased. The blockchain technology is unprecedented in our sector and will be a disruptor in how we authenticate products. We believe that the expertise from the VeChain and VeChainThor platforms will be paramount in providing a complete end-to-end solution.”

According to the announcement, the solutions that VeChain will provide will help to facilitate trust and greater transparency in a rapidly growing sharing economy, which should help benefit participating customers, suppliers, merchants, and partners.

Sunny Lu, Co-Founder and CEO of VeChain, said that VeChain partnership with Reebonz sets a new industry standard for solutions using its robust VeChainThor platform.

Reebonz makes luxury accessible by operating as an eco-system of B2C e-tail and B2C marketplace for over 1,000 brands and 172 boutiques, supported by C2C marketplaces that enable individuals to sell through its platform.

According to Reebonz CEO, partnership with VeChain marks an important milestone as the luxury marketplace celebrates its 10-year anniversary in March.

VeChain is Gaining Momentum

As Cryptovibes.com previously reported, on February 19, 2019, AWS Cloud has confirmed adopting VeChain Thor blockchain deployment for Enterprises.

The corporate vice-president and managing director of AWS in the Greater China region, Alex Yung, said that they hope VeChain will accelerate innovations while sharpening their competitive advantage with the one-click features.

Uptrend for VeChain?

The table below reflects how VeChain (VET) has performed in the last 30 days. The data show 17.5% gains in the last 30 days and further stable growth is clearly visible.

It appears that the latest developments and strong buying power forces the asset to reverse the trend into the positive side.