Based in Singapore, Qoo10 is e-commerce that competes for the Asian delivery market. Among the giants operating in the region are Amazon, Tencent, and Alibaba, currently dominant in the region. To try to gain market space the company is launching a marketplace called QuuBe. The new platform uses blockchain technology to make its activities safer and cheaper.
The announcement of the Qoo10, in January of this year, had a very positive market response. More than 5,000 merchants have already registered approximately 2.3 million products on the QuuBe platform. Therefore, its creator, Ku Young Bae, will also add a payment system that will use blockchain technology as a basis.
For the market, Ku has the image of a workaholic and uncompanionable, but extremely innovative in the market. He pioneered delivery services in the Asian region when he set up Gmarket in the year 2000. However, the application of blockchain in e-commerce has already been done on other platforms. The differential, in this case, is the context of a dispute with major players in the market.
The new market trend
Every day new analyzes show the advantages of using crypto technology in different businesses. Experts point out that this has been a competitive differential due to lower costs and increased safety. According to Mayank Pratap, co-founder of Engineer Babu, technology has the potential to revolutionize the banking industry. That’s why about 24% of financial executives around the world are very familiar with the technology.
Bloomberg reported the announcement of the launch of the QuuBe platform on April 2.