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Blockchain certification solution LuxTag raises $650k from NEM Startup Funding Programme
LuxTag, a digital certificate solution provider utilizing the NEM blockchain technology, has received a no-equity-taken-in-exchange subsidy of $650,000 worth of XEM coins from the NEM Community Fund.
The funding was a result of the vote by the NEM community, conducted over 5 days starting on 26 July 2017. At the end of August, LuxTag qualified for the payout of the first milestone of 480,000 XEM coins (equivalent to $ 122,000 approximately).
The NEM Community Fund, established to promote the development of the NEM ecosystem, offers funding to NEM startup companies and open-source projects to help jump-start their businesses. NEM startup companies can submit a proposal to the NEM community, which the community members up- or downvote with their POI (proof-of-importance) score. If a quorum of at least 3% of the total importance of the NEM blockchain network is met and the vote passes with a 65% majority, the proposal is considered accepted.
Founded in 2016, LuxTag is a real-life-notarization certification solution to prevent counterfeit (proof-of-authenticity), theft (proof-of-ownership), and to offer big-data to brands which is implemented on the blockchain. According to the official release, the startup’s funding proposal received much higher support than the guideline requires. In this vote, 390 NEM users participated, with 388 of these users, equated to 99.49% of the total participants, voting “Yes”. A total NEM POI score of roughly 3.8% was represented in the vote.
“Thank you very much to the NEM community for believing in LuxTag's vision and for supporting us with your upvotes,” Rene, the CEO of LuxTag, said.
This was the first successful vote utilizing the NEM Voting Module, and the third approval given after the previous projects CryptoApex and Apostille in the history of NEM Community Fund voting.
“It was really great to see so much feedback and discussion during this process from the community on how to make LuxTag and the Voting Centre better. We are looking forward to making LuxTag a shining example of a quality project built with NEM technology,” Jeff McDonald, CTO of LuxTag and vice president of NEM.io Foundation, said.
In the forthcoming months, the LuxTag team is planning to launch their pilot project live with a handmade luxury watchmaker in Spain.
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