Reebonz Holding Limited (NASDAQ: RBZ), a leading online luxury
marketplace and platform in Southeast Asia and the Asia Pacific
region, today announced that it has implemented the blockchain
technology as part of its ecosystem strategy to establish the
provenance of products. The Company is focused on building
trust and providing authentication and ownership tools to its
members.
All products sold by Reebonz from its inventory (“B2C
Merchandise Business”) since January 2019, will have a digital
certificate. This digital certificate will bear a QR Code
which contains information such as product details, transaction
details and history, and provenance of ownership. Products
can be verified through the Reebonz mobile application, which will
provide the digital certificate. As part of Reebonz’s MOU with
VeChain, signed in February 2019, the digital certificate will be
hosted on the VeChainThor Blockchain. While the project is in
proof of concept stage, the Company intends to iterate on this to
develop a scalable solution for all products. In its initial phase,
approximately 50,000 unique products will bear a digital
certificate in the blockchain and was live by late December
2019.
Another benefit of the digital certificate is to further the
company’s luxury ecosystem, where it enables buyers to become
sellers, and sellers to become buyers through its “Sell Back
Guarantee” service. A customer could choose to Sellback to
Reebonz, allowing the Reebonz team to digitally validate the
product certificate, thereby leveraging technology to scale its
authentication efforts. Reebonz has been at the forefront of
promoting sustainability by creating a customer focused circular
economy, where one can be a buyer and seller with equal ease.
Further functionalities such as “Transfer of Certificate”
and “Revoking” to other individuals will be introduced later this
year as part of Reebonz’s expansion into providing Blockchain as a
Service. There are likely to be several benefits of these
functionalities. For example, if a Reebonz product is gifted,
the digital certificate can be transferred to the recipient to
prove ownership so long the recipient is part of Reebonz ecosystem.
Should the recipient choose to take advantage of the Sell Back
service, Reebonz can honour the Sell Back Guarantee promise to
these owners, thereby allowing a customer to be part of its luxury
ecosystem. In the instance a product is stolen, customers can
revoke the certificate to ensure protection. Customers would
also be able to take advantage of transacting on their own a C2C
basis. The digital certificate can serve to verify
authenticity and ownership transfer.
With a mission of making luxury accessible to everyone through
an ecosystem that connects buyers and sellers, Reebonz has
prioritized its efforts in creating a trusted online destination
for authentic luxury. The efforts to authenticate using the
digital certificate to prove provenance will augment Reebonz’s
in-house team of ateliers that specialize in authenticating leather
products, timepieces, gemstones and jewellery. Pre-owned
products are already subjected to rigorous testing and examined for
distinct characteristics before being issued a “Reebonz Atelier
Authenticity” card.
Reebonz’s CEO and co-founder, Samuel Lim, commented, “Building
trust with our customers is one of our core values. Using
cutting edge technologies and innovative measures, we hope to
provide the first of its kind tracking and authentication tools for
luxury products in Asia. We have evolved to a customer
centric model, allowing anyone to buy and sell their luxury
products through us in a seamless way. 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 Asia Pacific.”
“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,”
added Sunny Lu, Co-Founder and CEO at VeChain. “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.”
About ReebonzHeadquartered in Singapore and
founded in 2009, Reebonz (pronounced “ribbons”) is the trusted
online marketplace and platform for buying and selling new and
pre-owned luxury products in the Asia Pacific region. Leveraging
data and technology, Reebonz makes luxury accessible by operating
as an eco-system of B2C e-tail and B2C marketplace for over 1,000
brands, supported by C2C marketplaces that enable individuals to
sell through its platform. With an easy shopping experience,
members can enjoy convenient access to the selection of products
that Reebonz sources as well as from a curated collection of
multi-brand luxury boutiques from all around the world.
About VeChainStarting in June 2015, VeChain
aims to connect blockchain technology to the real world by
providing a comprehensive governance structure, a robust economic
model, and IoT integration. VeChain is the pioneers of real-world
applications using public blockchain technology, with international
operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong
Kong, and San Francisco.
For more detailed information, please contact press@vechain.com
or visit www.vechain.orgFollow us on: Twitter: @vechainofficial;
LinkedIn: @VeChain Tech 唯链科技
Forward-Looking and Cautionary
StatementsCertain statements made in this release are
“forward-looking statements” within the meaning of the “safe
harbour” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Reebonz’s control, that could
cause actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include:
the ability to regain compliance with NASDAQ stockholders’ equity
and continue to meet NASDAQ’s listing standards; Reebonz’s ability
to manage growth; the reaction of Reebonz customers and suppliers
to its business combination; rising costs adversely affecting
Reebonz’s profitability; potential litigation involving Reebonz’s
intellectual property; and general economic and market conditions
impacting demand for Reebonz’s products. See the risk factors
disclosed in the definitive proxy statement for Reebonz’ business
combination for additional risks. See the risk factors disclosed in
Reebonz’s most recently filed prospectus, filed with the SEC on
April 17, 2019 for additional risks. Reebonz does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
For investor and media inquiries, please
contact: Reebonz Holding Limited | ir@reebonz.com For more
information on Reebonz, please visit www.reebonz.com
Stay connected with us
at:Facebook: @ReebonzSG |
Instagram: @ReebonzOfficial
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