Summary
- CruTrade said it tokenized $60 million worth of wine on an Avalanche (AVAX)-based asset marketplace.
- The platform provides more than 200,000 bottles of wine from over 250 producers to collectors and investors.
- Tokenization is expected to yield reduced transaction fees, improved transaction speed, and reduced storage risk.
According to crypto-focused media CoinDesk on the 8th (local time), asset trading marketplace CruTrade, built on Avalanche (AVAX), tokenized $60 million worth of wine.
CruTrade offers more than 200,000 bottles of wine produced by over 250 producers to collectors and investors, stores them securely in specialized vaults, and enables ownership to be transferred in the form of digital tokens.
This structure is expected to reduce high fees, slow transaction speeds, and the risk of spoilage during storage associated with traditional wine trading.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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