Singapore, SINGAPORE – Leading Southeast Asian online retailer Qoo10 has announced that it will be launching a new blockchain-powered marketplace called, Quube (pronounced as “cube”).
The platform is available on desktop and mobile. The marketplace is expected to launch fully in January 2019. Although it is currently on beta, the marketplace will fully launch on January 1, 2019.
The most notable part of QuuBe is its use of smart contracts. This feature automates the verification of transactions between the different buyers and sellers. The blockchain network used by the platform was developed on the Ethereum protocol. It carries out by an in-house team of 20 developers based in South Korea. The platform gave employment to 20 more staffs in Singapore to handle sales, marketing, and operations.
Qoo10 CEO Ku Young Bae remarked:
“You usually [put your] money in the bank; you wouldn’t put money into a private company’s [mobile wallet]. The company could go bankrupt, they could just change the data, or [money] can be stolen. Unless trust is built, you can’t be very sure that top-ups into the wallet can be the same. Those hurdles are sorted out by blockchain because the blockchain wallet is not something that we can change and access. Only you can access it.”
The company has set a target of up to US$1 billion gross merchandising volume by 2020. Qoo10 has about six million daily active users across Indonesia, Malaysia, China, and Hong Kong. Founder Ku Young Bae however has said that the company’s blockchain goal is not just to embrace the blockchain technology, but to also will serve unbanked markets such as Indonesia and Myanmar.