Shopping and e-commerce marketplaces have been constantly evolving and becoming more digitized over the past few years. The current generation of innovation within shopping has mostly stemmed from mobile-based transaction methods such as Apple Pay that was initially faced with numerous critics but has gradually been accepted as the norm within the shopping industry. The time has come to pave way for the latest generation of marketplace innovations in the form of Storiqa.
What is Storiqa?
According to its website, Storiqa is an online crypto marketplace that aims to solve various problems such as financial borders, fake reviews, and extra fees that are present within the present generation of marketplaces by utilizing blockchain technology and smart contracts to help businesses streamline their sales processes and payment mechanisms. Their focus is on SMEs (Small and Medium-Scale enterprises) and they aim to achieve their focus by providing an easy-to-setup marketplace that can be heavily customizable and secure for the individual enterprises.
Storiqa is based in Russia and has already partnered with over 50 shops and vendors in Russia for their concluded test launch and they are currently seeking to expand their presence to the Asian and American markets. Moreover, Storiqa has also released their Beta MVP version, which is available for testing here.
Introducing Storiqa Wallet
As reported by Yahoo Finance, Storiqa Wallet is a mobile application through which clients can make payment both in cryptos and fiat currency inclusive of multi-currency support.
This would greatly help in increasing the efficiency of vendor and customer operations as they have the flexible option of converting and transacting their money in the form of cryptos and fiat as required and also save on higher fees imposed by traditional marketplaces.
Moreover, their ultimate goal for Storiqa Wallet would be to utilize a real-life crypto-payment alternative to current options like Apple Pay outside the marketplace ecosystem.
Success of Storiqa so far
Storiqa’s ICO sale using STQ Storiqa Tokens was highly successful achieving its $25 million hard cap and along with a $150 million market capitalization and the highly-anticipated release of their beta MVP marketplace. STQ token is also actively traded on various exchanges such as HitBTC and Coinbene. Furthermore, starting from July 2018, STQ-fiat pairs will be available on exchanges like EXMO and LATOKEN.
With an expected $2.2 trillion turnover of the global e-commerce market by the end of 2018, Storiqa seems to be well-poised to go directly against the likes of established competitors like Alibaba, Ebay and Amazon. Hence, decentralization, globalization, and a focus on SMEs by using blockchain as a transparent platform mechanism would enable Storiqa to gain a competitive advantage over other e-commerce marketplaces that currently exist.