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Bitfinex, a leading cryptocurrency exchange, announced the launch of a new market for LUXO, Luxochain’s native token.
Luxochain guarantees the purchase of luxury goods through blockchain certification. Luxochain provides security to end-users in their purchase of products through its services.
In addition, Luxochain works in collaboration with luxury brands, showing complete transparency, and loyalty along with a couponing system for their customers. Brands can certify ad authenticity, traceability, and sustainability of their products.
LUXO token will be responsible for all the operations in the ecosystem and blockchain of Luxochain.
Buyers can skim through luxury products and verify the authenticity of each product through the Virgo iOS and Android apps of Luxochain, while sellers and owners of luxury products can create, receive, store and send Digital Certificates of Authenticity and Ownership using any smartphone.
Futurism estimates that there are around $256 trillion in real-world assets circulating at any given time. However, red tape, bureaucracy, and geographical restrictions have become hurdles for this market to grow further. The popularity of tokens that certify provenance and ownership is increasing. Some experts forecast the value of the global tokenization market to reach US$5.6 billion by 2026, including luxury goods, which are suffering from losses due to fraud.
CTO of Bitfinex, Paolo Ardoino, talked about what the addition of LUXO means to the exchange. Paolo said the addition represents the commitment of the exchange to broaden the availability of tokens available on the platform.
The goal of the Luxochain is to move the luxury goods market forward by streamlining the authentication process, enabling customers to trace the origins of their purchases more easily.
“This is arguably an integral piece of the goods and services market that has yet to be addressed,” adds CTO.
Meanwhile, the CEO of Luxochain, Davide Baldi, shares that the team is proud of this significant advancement for LUXO. Baldi shares that the team aims to bring crypto-assets and NFTs into the world of luxury. As a result, improving the brand’s reputation, generating digital certificates of authenticity registered on blockchain for every market product, and finally boosting reward processes and loyalty for end-users and brands.
Baldi then expresses his “Thanks to Bitfinex for supporting us in growing an ecosystem based on transparency between the physical and digital world.”
Praising Bitfinex, he said it is one of the most experienced and versatile exchanges in the market. Further, he shares his excitement about the listing of the token on the platform. He is hopeful that it will witness significant traction from its user base.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
