LuxTag raises XEM 2.4M (US$ 650k at current exchange rate) – from NEM Startup Funding Programme

Cyberjaya, Malaysia – 12 September 2017

LuxTag, the first ever
highly versatile digital certificate solution provider utilizing the
NEM blockchain technology, has been granted a
no-equity-taken-in-exchange subsidy of US$ 650,000 worth of XEM coins
from the NEM Community Fund as a result of the vote by the NEM
community, which was conducted over 5 days starting from 16:00 UTC on
26 July 2017.

LuxTag qualified at the
end of August 2017 for the payout of the first milestone of 480,000
XEM coins – equalling roughly US$ 122,000.

The NEM Community Fund
was set up to promote the development of the NEM ecosystem by funding
NEM start-up companies and open-source projects to help jump-start
their businesses. NEM start-up companies can submit a proposal to the
NEM community, and subsequently, community members up- or downvote
the proposal 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.

LuxTag’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.

This was the first
successful vote utilizing the NEM Voting Module, and the 3rd approval
given after the previous projects CryptoApex and Apostille in the
history of NEM Community Fund voting.

Rene, the CEO of
LuxTag, said “Thank you very much to the NEM community for
believing in LuxTag’s vision and for supporting us with your
upvotes”. The CTO of LuxTag and vice president of NEM.io
Foundation, Jeff McDonald, celebrated with the LuxTag team saying “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.”

Meanwhile, the LuxTag
team is preparing to launch their pilot project live with a handmade
luxury watchmaker in Spain in the coming months. Subsequent
implementations are also in the pipeline!

About LuxTag

While many blockchain
tech companies offer one-time hashed timestamping for simple
proof-of-existence, LuxTag’s holistic solution offers an advanced
flexible blockchain tagging service that is brandable, updatable,
transferable and even conjointly ownable. This allows not only for
proof-of-existence but also proof-of-authenticity/ownership/service
and big data on the blockchain.

The highly scalable
solution converges blockchain technology, big data,
anti-counterfeiting and anti-theft technologies and can be applied to
a range of industries, such as luxury items, pharmaceuticals,
vehicles, heavy machinery, government certification systems and
courier-agnostic logistics.


About NEM Blockchain

NEM is a scalable public blockchain with many original 2.0 blockchain features created uniquely for NEM. It launched its public blockchain more than 2 years ago. It is also the first blockchain that has a public/private chain model. It features advanced contracts out-of-the-box, including multisig 2.0 contracts, namespaces, customisable asset creation and, messaging, and more.