SEATTLE (PRWEB) May 08, 2018
SHOP, which is currently developing a blockchain-enabled ecommerce platform, today announced a strategic partnership including a $2M commitment from Seattle-based Reflective Venture Partners. The announcement follows an appearance onstage at SXSW and a $25,000-winning first place presentation at Shoptalk.
SHOP is establishing a retail ecosystem where brands and shoppers will have the power to dictate how value will be exchanged amongst themselves based on shopper-controlled access to their personal data and appropriate rewards given by brands in return. SHOP will empower brands to connect directly with customers, grow shopper loyalty, and increase margin through the adoption of its forthcoming SHOP tokens, which will allow shoppers to capture, own, and monetize their personal data in a retail environment.
The strategic partnership valued at $2M from Reflective comes as part of the group’s broader commitment of $6.3M in the Blockchain space. Greg Heuss, Managing Partner at Reflective, said, “We are extremely excited about these commitments and look forward to developing an ongoing relationship with an innovative group of dApps and mentoring SHOP. The path we are creating is turning the capitalization model for early-stage applications on its head. One of our goals has been to disrupt the traditional venture capital model, and we feel we’re off to a great start.”
“We’ve been working to create some serious momentum over the last few months, and this commitment of up to $2M, subject to specific performance milestones over the next twelve months, is going to help us accelerate our mission”, said CEO John Wantz. “Our goal is to expedite the release of our enterprise-ready, scalable SHOP Protocol and ensure we hit each milestone on our roadmap and accelerate growth.”
SHOP is building a decentralized, blockchain-enabled ecommerce platform to power tokenized retail transactions. SHOP intends to disrupt the data monopoly of third-party marketplaces by returning control of personal data to shoppers, reconnecting brands with shoppers, and encouraging innovation. The SHOP Protocol will utilize the SHOP Token to enable transparent and secure value exchange between parties—specifically brands and shoppers—and provide a versatile API for developers to integrate SHOP into existing applications or build new retail experiences.
About Reflective Venture Partners
Seattle-based Reflective Venture Partners, a blockchain technology fund, originates from an ongoing strategic partnership with RChain Cooperative, a next generation blockchain applications platform. To reinforce RChain's objectives, RVP incubates, capitalizes via service agreements, and designs strategic financing and token generation events (TGEs) for innovative blockchain-specific dApps and complementary technologies and tools that have strong growth potential. For more information, visit http://www.reflectiveventures.io.