We blasted off this year with quite a few listings and are keeping up the pace. With the majority of the most popular cryptocurrencies already available for CEX.IO users, we are also paying attention to tokens of smaller blockchain projects. We look for ones that are innovative, solve an important problem, have reached considerable milestones, and show outstanding use cases.
One such project is WABI. As part of the detailed due diligence process preceding all listings on CEX.IO, we are happy to announce the listing of WABI. This listing comes after more than four months of intensive research, ensuring CEX.IO users are given access to only top-tier digital assets.
🗓 We will roll out the listing of WABI in several stages:
- WABI deposits and WABI/USD trading will be available from May 14
- WABI withdrawals and WABI/EUR trading starts on May 18
- WABI/GBP trading will go live on May 20
Mark your calendars and check your CEX.IO balance to prepare your account in advance.
🤓 What is WABI and what problem does it solve?
WABI is an ecosystem of consumer products that use blockchain technology. It also uses Near Field Communication (NFC) and Radio-Frequency Identification (RFID) labels for controlling product authenticity. WABI aims to solve the global problem of counterfeit products. Especially those that are vital like medicine, baby formula, and food.
The Chinese company Taeltech is the developer behind WABI. Since China and India have long suffered from increasing volumes of fake products, these conditions made it natural for WABI to emerge and serve the needs of Asian markets. The project estimates there are up to 250 million consumers in the target market. This number is almost 20% of China’s total population.
💡 What is the main innovation?
WABI is focused on involving consumers in verifying product authenticity in exchange for rewards. Every good in the WABI ecosystem has a patented RFID tag. This tag connects the product with its digital representation. So, by scanning the tag, users can obtain data on the authenticity and status of a product. Should the tag be damaged, the item will not be present on the distributed ledger anymore.
👥 Key participants
There are four main actors who play an important role in the WABI ecosystem:
- Consumers, who receive WABI loyalty tokens as a reward for verifying the authenticity of products.
- Exchanges, which provide liquidity for the actors in the ecosystem. After listing WABI, CEX.IO will be one of them.
- Merchants and brands who purchase WABI for marketing gains: to promote their products, gain consumer behavior data, etc.
- The system, which secures quality goods with proprietary tags and sells them to customers.
📚 WABI adoption
The WABI token has been live for two years. It is constantly adding new products to its marketplace. The categories of consumer products listed on WABI currently include infant nutrition, supplements, cosmetics, and mother and baby care goods. There are almost 54,000 WABI token holders and 491 regions with active consumers. In fact, WABI users are in every province in China.
To check out up-to-date adoption stats for the WABI project, visit https://adoption.taelpay.com/.
➡️ WABI Token
WABI is an ERC-20 digital token. It is used as a payment method across the WABI ecosystem. The total fixed supply of WABI is 100 million tokens, including 46 million tokens that were sold during the ICO.
All WABI tokens are pre-mined and are issued as a reward each time a WABI user verifies a product in the network. The major drivers of demand for WABI are growing product demand, growing target market, and growing consumer spending. At the same time, WABI circulating supply is decreasing because new users are lifetime holders of WABI tokens. Besides, they can use them on future purchases in the ecosystem only.
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Note: Please be aware that WABI is currently available to all non-US residents only.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Please study the asset on your own before making any investment or trading decisions.