LuxTag Blockchain Product Tracking Authenticity Platform Gets $600K in Funding
LuxTag Receives $600,000 Funding Boots to its Anti-counterfeit Campaign
In partnership with XSquared Ventures USA, LuxTag has succeeded in raising a whopping $600,000 as funding to finance its projects. LuxTag is a company which provides security to treasured assets by leveraging the capabilities of the NEM Blockchain.
After receiving this financial backing, the valuation of the Malaysia-based firm is expected to soar significantly, reaching an approximated $7 million. LuxTag is a revolutionary brand, being the pioneering institution globally that offers the digitization of authenticity certificates registered on a distributed ledger. This unique technology makes the certificates incontrovertible, easily shareable and accessible.
The deal for the seed funding was conceptualized at the tail end of 2017 XSquared Ventures officials paid a courtesy call to the LuxTag executives. At the tune of the year, Jeff McDonald, the CTO at LuxTag held further talks with XSquared Ventures. Consequently, the two parties reached an agreement in May this year. Before teaming up with LuxTag, XSquared Ventures also funded another blockchain-based project known as He3. Therefore, the LuxTag team is confident that their new partner will leverage their previous experience and substantially improve their service delivery as a result.
In addition to contributing to an improvement in the valuation of LuxTag, this partnership is expected to assist in the fight agents counterfeit digital certificates. This goal will be achieved through the establishment of an unalterable authentication mechanism.
In this regard, LuxTag will allocate the $600,000 funding to the expansion of its operations, through the employment of additional developers to hasten the development of NEM Catapult, the second iteration of the NEM Blockchain that uses an open-source platform approach. Moreover, LuxTag intends to establish a customer support center in the United States.
As per the CEO of LuxTag, Rene Bernard, the company’s project has received acceptance on a global scale. Last year, LuxTag participated in the Cyberview Living Lab Accelerator program, an event that considerably bolstered the firm’s brand image across the world. Besides this accelerator event, other ventures that have played a crucial role in the growth of LuxTag include NEM, MIGHT, Platcom Ventures, MDEC and MaGIC.
As mentioned above, LuxTag primarily concerns itself with combating the theft and counterfeiting of valuable assets using the cutting-edge infrastructure provided by the NEM Blockchain. Fundamentally, LuxTag collateralizes treasured items using digital certificates by linking the assets to their proprietors suing multi-sig smart contracts. Furthermore, LuxTag employs unique technologies that avail new business intelligence by analyzing customer dynamics.