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   428

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.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   633

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.