Ventures Medici, the blockchain-the accelerator division of the retail giant Overstock.com invested “seven figures” in a startup VinX, reports CoinDesk.
Based in the Israel project VinX specializiruetsya on the supply chain of wine. Also, start developing a platform for trading futures on this drink. In other words, the marketplace will allow fans and collectors to purchase fine wines for a year or two before it will be bottled and will go on the market.
According to representatives of the startup, blockchain technology provides a guarantee of protection against counterfeiting and also allows you to transparently track the delivery of the goods.
The exact investment amount was not disclosed, however, according to the President Medici Ventures Jonathan Johnson, the firm acquired a 20 percent stake in VinX.
“In the wine industry, there are many intermediaries, which can eliminate the blockchain. Also there are a lot of problems with fraud. We believe that this technology democratizare purchase of wine”, he added.
According to experts at Zion Market Research, the global wine market is $302 billion and will reach $423 billion by 2013.
Note, VinX is not the first company working in this niche. So, in 2016 the British blockchain startup Everledger produced in the blockchain first registration of origin of fine wines.
Recall that last month, Overstock announced the intention to start selling of the cryptocurrency on its website.
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