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Reebonz Tracks Provenance of its Luxury Products Using a Vechain-Powered Digital Certificate

Reebonz (NASDAQ Ticker: RBZ), the biggest luxury e-commerce company in the Asia Pacific and Southeast Asia, has incorporated blockchain technology into its ecosystem to determine the provenance of its products.

The blockchain-based approach mushroomed as the company seeks to boost trust and offer authentic products to its members.

Reebonz’s Blockchain-Enabled Digital Certificate

The company has revealed that all products will be pegged with a blockchain-based digital certificate that will bear a QR code. Some of the information to be stored includes the provenance of ownership, product data, and transaction details and history. The digital certificate will be hosted on the VeChain Thor Blockchain based on an MOU signed between the company and VeChain.

Consequently, Reebonz’s mobile application will be used in verifying products and digital certificates will be generated after verification.

The Sell Back Guarantee service will also be made possible through the digital certificate which buyers can become sellers and vice versa. For instance, a customer will have the liberty to sell back a product to the company as it will be in a position to digitally validate the product certificate.

In case of theft, customers can revoke the digital certificate as this will guarantee product protection.

Samuel Lim, Reebonz’s co-founder and CEO, noted, “We are excited to use the blockchain technology and work with VeChain to solve one of the key global issues impacting our industry. The authentication of pre-owned luxury items using the blockchain is just one of many high impact innovations Reebonz is pioneering to improve the luxury shopping experience for customers across the Asia Pacific.”

Blockchain is being embraced because of the transparency and trust solutions it offers.

Sunny Lu, VeChain’s CEO and co-founder, asserted, “Our partnership with Reebonz sets a new standard for solutions based on VeChainThor Blockchain, which will be gaining momentum in the luxury industry with increasingly extensive applications.”

He added, “Developing such a solution with a global and local mindset will pave the way forward for innovation, enabling frictionless, trustworthy, and transparent e-commerce of luxury products and finally changing the operating model of the industry.”

By leveraging on blockchain technology, Reebonz seeks to prioritize its mission of making luxury products accessible to everyone through its ecosystem that connects buyers and sellers.

Image via Shutterstock

Mastercard Partners with 3 Firms to Launch First Crypto-Linked Payment Cards in Asia Pacific

Payment giant Mastercard announced on Tuesday that it will enter cryptocurrency payments in the Asia-Pacific region.

Mastercard said that it has cooperated with three well-known digital asset companies in the Asia-Pacific region to launch a Mastercard payment card funded by cryptocurrency.

The three cryptocurrency service providers are Amber Group and Bitkub from Thailand, and CoinJar, a cryptocurrency exchange from Australia.

The co-launched encrypted link payment card will support individual or collective consumers in the Asia-Pacific region to freely convert encrypted currency into legal tender around the world.

Although merchants can directly accept payment in cryptocurrencies such as Bitcoin or Ethereum, they are still not well informed about digital currencies. This collaboration is to allow consumers to seek safe and effective funding for digital currency in daily transactions and to help ensure safe Encryption-related MasterCard credit cards, debit cards or prepaid cards as they are introduced to the market.

The announcement stated that as many as 45% of interviewers said they would consider using cryptocurrency next year. The interest in cryptocurrency in the Asia-Pacific region is reaching reached its peak.

Rama Sridhar, Executive Vice President of Digital and Emerging Partnerships and New Payment Processes from Mastercard Asia Pacific, mentioned that cryptocurrency is a type of investment, disruptive technology, or unique financial tool, saying:

“In collaboration with these partners … Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”

CoinJar has cooperated with the global payment giant MasterCard to launch Australia’s first cryptocurrency MasterCard CoinJar Card on August 3 this year.

As reported by Blockchain.News on October 26, Payment giant Mastercard will cooperate with the U.S. Institutional Exchange Bakkt by expanding integrated cryptocurrency solutions and payment services.

GSR Secures Major Payment Institution Licence from Singapore's MAS

GSR Markets Pte. Ltd., the Singaporean subsidiary of global cryptocurrency trading firm GSR, has received In-Principle Approval for a Major Payment Institution licence from the Monetary Authority of Singapore (MAS). Announced on October 2, 2023, this regulatory milestone is a significant advancement in GSR’s journey to become a fully licensed entity. The approval allows GSR to better serve the cryptocurrency community in both Singapore and the broader Asia-Pacific region, reinforcing its commitment to compliance and governance in the rapidly evolving digital asset space.

The In-Principle Approval for GSR comes just a day after Coinbase Singapore revealed that it had secured a full Major Payment Institution licence from MAS. This follows earlier announcements from Circle, Blockchain.com, and Crypto.com, who also obtained MPI licenses earlier this year. The series of approvals from MAS highlights the competitive yet regulated landscape of the cryptocurrency market in Singapore, a jurisdiction that is increasingly becoming a hotspot for blockchain and crypto enterprises.

Jakob Palmstierna, CEO of the GSR Group, expressed his gratitude towards MAS for their constructive oversight. He stated, “We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.” Xin Song, the Group’s COO, echoed this sentiment, emphasizing that the In-Principle Approval enables GSR to “deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”

Singapore has been making strides in establishing itself as a significant player in the crypto and Web3 space. According to recent surveys, 25% of Singaporeans view cryptocurrency as the future of finance, and 32% are either current or past crypto owners. Furthermore, the city-state is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy. GSR aims to capitalize on this burgeoning ecosystem by leveraging Singapore as a strategic hub for its Asia-Pacific operations.

The In-Principle Approval is more than just a regulatory milestone for GSR; it’s a testament to the firm’s commitment to adhering to high standards of compliance and governance. As GSR works diligently towards obtaining a full licence, it plans to expand its suite of services and deepen its relationships with institutional clients in the region. The firm remains committed to playing a critical role as a liquidity provider and aims to contribute meaningfully to Singapore’s growing digital asset ecosystem.