LuxTag Raises $650k from NEM Community Fund

Announcements, Blockchain, Investing | September 13, 2017 By:

Malaysia-based start-up LuxTag has received a no-equity grant of $650,000 worth of XEM coins from the NEM Community Fund.

LuxTag is a digital certificate solution provider utilizing the NEM blockchain technology. The company uses a new system using blockchain addresses to represent real-life assets. LuxTag assets claims to be fully brandable, transferable, updatable and can be conjointly owned. In the forthcoming months, the company is planning to launch their pilot project live with a handmade luxury watchmaker in Spain.

Established to promote the development of the NEM ecosystem, the NEM Community Fund 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 three percent of the total importance of the NEM blockchain network is met and the vote passes with a 65 percent majority, the proposal is considered accepted.

LuxTag’s funding was a result of the vote by the NEM community, which was conducted over five days starting from July 26. At the end of August, the company qualified for the payout of the first milestone of 480,000 XEM coins (approx. $122,000).

The Malaysia-based start-up’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 third approval given after the previous projects CryptoApex and Apostille in the history of NEM Community Fund voting, according to the official release.

“Thank you very much to the NEM community for believing in LuxTag’s vision and for supporting us with your upvotes,” said LuxTag CEO and CIO Rene Bernard.

“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,” said Jeff McDonald, CTO of LuxTag and vice president of NEM.io Foundation. “We are looking forward to making LuxTag a shining example of a quality project built with NEM technology.”