BlockTeam Ventures Invests into Runs.com Blockchain eCom Platform
BlockTeam Ventures Announces Financial Backing for Runs.com
A Singaporean company Runs Capital has made a recent financial partnership with BlockTeam Ventures LLC. Runs is now backed by an investment made by BlockTeam in support of their ongoing token sales. With the new venture, both companies should be able to see a rapid growth of the new eCommerce startup.
Runs will operate its commerce platform on a decentralized network that is strictly virtual. The new trust-based system uses openly sourced blockchain technology processes to create a transparent environment where users feel safe to make purchases. Runs will give control of personal data back to users on the platform. Decision-making processes are also at the disposal of the user rather than the company. Runs.com purpose is to provide people on the platform with a safe community in which more than 25 countries are taking part.
Giri Devanur of Runs.com has expressed his enthusiasm for the company startup. He is especially excited about the financial backing set in place by BlockTeam Ventures, making the following remarks about the economic partnership:
“I am very happy to partner with BlockTeam Ventures LLC, a company which is backed by veterans of the Blockchain industry. BlockTeam has been instrumental in building a vibrant ecosystem in blockchain over the years and will complement our efforts immensely to help us scale.
We look forward to leveraging BlockTeam’s network of investors, technology specialists, and their marketing capabilities in this sector.”
As for BlockTeam Ventures LLC, Jesse Tevelow expressed his shared enthusiasm for the new collaboration between the two companies:
“We are thrilled to invest in Runs.com to fund their global expansion strategy. We are very impressed with the approach Runs.com has taken to disrupt a monopolistic market like eCommerce with a fully decentralized, democratic, and open source marketplace. We are also very happy with the execution skills of the Runs management team and their global strategy to address huge markets, spanning 125 cities in 25 countries around the world.”
More support was given on behalf of BlockTeam Ventures by the companies managing partner Simon Bogdanowicz in the following statement:
“We are excited to invest in Runs.com. We will bring together our digital marketing capabilities and the network of investors that we are engaged with around the world to establish a win-win outcome for all parties in our network.”
Lastly, CTO of Runs.com, Dr. Artit Wangperawong said the following:
“Blockchain technology is uniquely poised to disrupt how companies operate. Particularly for eCommerce, merchants and consumers would benefit from a decentralized platform operating on a blockchain to reduce transaction overheads and costs. We are investing in this technology now to prepare for the demands of the new age economy. The success of our efforts today could pave the way for how we transact in the future.”
The purpose of Runs.com is to interfere with traditional eCommerce platforms that use SKUs. Instead of the regular listing procedures, Runs.com will use a new tracking system known as an XKU. The system operates by focusing on three unique points of interest: Source, Story, and Sustainability.
The new XKU is a unique ID type to track products and services. It is used to record tangible and virtual products, goods or services in a company’s inventory. Not like SKUs, XKUs only track the essential parts of an item, plus the three parameters listed above. Tracking is recorded on blockchain technology as a unique ledger entry.
Runs.com is the first eCommerce platform to run on blockchain technology, with a projected reach of more than 2.5 billion users around the world. As for BlockTeam Ventures LLC, they are a venture capital fund which focuses on blockchain technology.
The purpose of the company collaboration is to provide users with a value drive platform, where users can get the best deals and participate in the most engaged communities.