Blockchain group MonetaryUnit is buying eCommerce start-up Flubit to create a shopping marketplace designed to accept and encourage the use of cryptocurrencies. The rights to the Flubit.com marketplace have already been acquired as MonetaryUnit prepares to lead the future operations and growth of Flubit, having worked with the startup for 18 months.
The aim is to take the current marketplace, which currently only accepts fiat money and had 3 million customers in the last year, and provide access to more than 500 cryptocurrencies. Flubit will undergo a revamp in the next few months which will allow sellers to access the $245 billion USD crypto market. Flubit will also continue to support fiat currencies.
Byron Barnard, founder of MonetaryUnit, said, in a statement: “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 fulfill our mission, and to make waves in the e-commerce and Blockchain worlds.”
A new website will introduce supply chains to allow sellers to ship worldwide, not just in the UK as the site currently does. Within the UK, Flubit has generated over 100 million GBP for over 2,000 suppliers.
Co-founder of Flubit Bertie Stephens, said, in a statement: “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.”
MonetaryUnit was launched in 2014 with the aim of making cryptocurrency available to people with a non-tech background. They are a decentralized and self-governed project. One of their features includes instant confirmations for transactions.