Luxochain (LUXO), the token used to certify the authentication of luxury goods, is available on Bitfinex’s crypto-exchange with the LUXO/USDT and LUXO/USD trading pairs.
Luxochain (LUXO), Bitfinex adds token related to luxury
Yesterday, Bitfinex’s crypto-exchange announced that it has launched new trading pairs for LUXO, the native token of a blockchain protocol for authenticating luxury goods, Luxochain.
💎 Let’s welcome a luxurious new addition to the Bitfinex family!
Meet Luxochain ($LUXO), the native token of of the @luxochain ecosystem 🔥
Soon to be listed on Bitfinex, keep following us here to find out when! 👀 pic.twitter.com/plei8ePzwy
— Bitfinex (@bitfinex) April 20, 2022
“Let’s welcome a luxurious new addition to the Bitfinex family! Meet Luxochain ($LUXO), the native token of of the @luxochain ecosystem. Soon to be listed on Bitfinex, keep following us here to find out when!”
The available trading pairs will be LUXO/USDT and LUXO/USD. Speaking about this, Paolo Ardoino, CTO of Bitfinex said:
“The addition of LUXO is representative of the exchange’s commitment to broadening the breadth of tokens available on the platform. Luxochain aims to create a path forward for the luxury goods market by streamlining the process of authentication and making it easier for customers to trace the origins of their purchases. This is arguably an integral piece of the goods and services market that has yet to be addressed”.
What is Luxochain?
Luxochain is the blockchain on which luxury goods are tokenized and NFTs are minted that correspond to the products being brought to market. In order to certify the authenticity of these products, buyers can use the Virgo app, available for iOS and Android.
Conversely, owners and sellers of luxury products can also securely create, receive, store and send digital certificates of authenticity and ownership via any smartphone.
Luxochain’s blockchain allows this technology to be used to create a more transparent, traceable and verifiable marketplace for luxury goods.
Despite major barriers to entry such as red tape and geographical restrictions, tokens that verify ownership and made-in products are gaining popularity.
In this regard, Davide Baldi, CEO of Luxochain, commented:
“We are very proud of this important step for LUXO. Our goal is to bring digital assets and NFTs into the luxury world, improving brands’ reputations, creating digital certificates of authenticity registered on the blockchain for each product placed on the market, and increasing both loyalty and rewards processes between brands and end-users. Thanks to Bitfinex for supporting us in growing an ecosystem based on transparency between the physical and digital world.Bitfinex is one of the most versatile and experienced exchanges in the market. We look forward to listing our token on the platform and believe we will see significant traction from its user base”.
The history of the Lugano-based Swiss company
Back in 2019, Lugano-based Swiss company Luxochain set out to combat counterfeiting of Made in Italy products through blockchain.
Not only that, in that same year, during Operawine (Vinitaly’s opening event), Luxochain had already presented Virgo, its app, as a disruptive alternative to traditional solutions, making consumers’ purchases safer thanks to an unalterable, blockchain-based certification process.
Moreover, just last month, the strategic sale of the LUXO token was launched as an international validation of the project. LUXO, Luxochain’s native token, is used for the operations of the VIRGO platform and allows manufacturers to self-certify every single batch, using the best technologies from UHF RFID and NFC to blockchain certifications.