Shopify to Test New Blockchain Plugin

Plugin will allow manufacturers to generate non-replaceable tokens tied to their goods therefore giving customers ability check authenticity
23 January 2020   426

The Shopify e-commerce platform, together with San Francisco-based startup Real Items Foundation, is beta testing a new plugin on the VeChain blockchain and the TAM cloud application to authenticate tokenized goods.

According to the developers, this plugin will allow manufacturers to generate non-replaceable tokens (NFTs) tied to their physical goods. This means that customers who purchase NFT-affiliated products can verify their authenticity by scanning a QR code.

Founder of Real Items Foundation David Menard said that to date Shopify plugin is being tested by several companies producing clothes, decorative cosmetics and skin care products. Menard added that the launch of the plugin is scheduled for the first quarter of this year.

The Real Items Foundation management believes that such a solution on the blockchain will protect customers from buying fake products, because thanks to the new plugin, people can verify their authenticity without downloading additional applications. In addition, consumers can use WeChat to scan items to make sure they are original.

Using the VeChain open blockchain, Real Items Foundation can track the supply chain of goods, and buyers can see detailed information about their origin.

At the same time, Menard noted that the Real Items Foundation does not have a utility token associated with the platform, but the startup uses the VeChain multilateral payment protocol for operational interaction with users and companies.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   285

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.