Flubit Limited, the 7 year-old eCommerce start-up (and winners of the prestigious Web Summit competition) have announced that the rights to the Flubit.com marketplace have been acquired by the prominent blockchain technology group MonetaryUnit.
The strategic decision revealed today will see MonetaryUnit lead the future operations and growth of Flubit.com, with a view to integrating their asset-transaction technology – enabling over 500 cryptocurrencies to be spent on millions of consumer goods. Consequentially, Flubit.com will become the world’s largest shopping marketplace dedicated to the acceptance of cryptocurrencies.
In a move that sees the continued rise and adoption of decentralized blockchain technologies into our daily lives, Bertie Stephens, who co-Founded Flubit.com with Adel Louertatani believes the deal reached between the two parties will offer their retail sellers a new avenue for business growth. “This agreement is a big win for our current and future sellers. MonetaryUnit have shown us there’s a new and thriving untapped market of customers who are looking to spend their digital assets in the same way they would their traditional fiat currency. This allows us to lead our sellers safely and risk-free into this emerging market, empowering them to reap the benefits with safety in the knowledge they need only deal in pound sterling”.
Flubit.com currently hosts more than 71M branded consumer goods, making it the largest independent marketplace for products in the UK. Launched in 2012, Flubit Limited has helped generate over £100M in new business for over 2,000+ registered UK-based SME suppliers. As part of the deal, MonetaryUnit’s Flubit.com will also be introducing supply chains to allow its inventory to be shipped worldwide.
Byron Barnard, founder of the MonetaryUnit Blockchain project, believes the deal is significant in offering further validation to facilitating the acquisition & interchange of Crypto assets. “We’ve been working with Flubit for over 18 months to make sure together we can offer a truly ground-breaking project.
Flubit.com has had over 3 million price conscious shoppers through its doors last year, allowing us a unique opportunity to give even greater savings that the use of cryptocurrencies will offer existing users. In addition, the millions of crypto savvy users will have a real-world use for their many different cryptocurrency holdings which has been a long awaited game changer. MonetaryUnit’s vision is to make cryptocurrency accessible to all and this announcement is another significant step in the direction to fulfil our mission, and to make waves in the e-commerce and Blockchain worlds.”
Over the summer months Flubit.com will undergo a revamp to incorporate the MonetaryUnit technologies and positioning; when finished sellers on Flubit.com will have unique and direct access into the $270BN crypto user base, where current volume see over $10BN of assets purchased and sold daily. Flubit.com will continue to allow traditional transactions too.
“A highly committed and dedicated team enabled us to reach this point, including the incredible backing and support of our shareholders”, says Stephens. “This deal is both a testament to the years of hard-work endured by so many, but also sees the first stepping-stone in allowing the technology and relationships we’ve forged to not only continue to be the independent leader in the UK, but worldwide too”.
Whilst the finer details of the arrangement are not being released by either party, Flubit Limited will continue to trade & grow its B2B business ‘SKU Cloud’, which gives opportunities for retail sellers to sell across multiple channels.