Investing in fine wine is a very attractive proposition. However, if you don’t know what you’re doing, it’s risky business. When acquiring wine over the internet, collectors have to deal with high fees, counterfeit bottles, border taxation, regulations, and insurance. And then if their bottle arrives in one piece, they have to worry about storing it properly. CWEX is using the skills of the blockchain to help investors cut down, even eliminate, most of these costs.
“We provide fine wine vendors and cryptocurrency owners with the possibility to trade together for the first time in a live market environment on a truly global scale.”
Based on EOS, CWEX is creating a fine wine trading platform, and onboarding trusted partners and vendors. Every rare wine bottle offered for trading is provided with a unique certificate of authenticity issued on the blockchain. This certificate provides a buyer with an “unambiguous identification of his investment.”
Crypto holders that want to invest in wine, can trade it on CWEX platform without ever holding the bottle and worrying about insurance/storage. CWEX will store it for them in their Swiss-based facility. And all they need to trade with is their certificate.
The trading platform is managed by two separate entities; DotChain GmbH and Crypto Wine Exchange (CWEX).
DotChain GmbH (Switzerland) ensures the contractual validity of the fine wine products, trade accountability, and product authenticity.
Crypto Wine Exchange (Hong Kong) is the blockchain based marketplace.
Here’s how it works:
- Registered traders place a bid or offer on selected fine wine.
- Once offer is matched the trader is notified.
- CWEX, in partnership with DotChain GmbH,