WiV Technology Raises $1.5 Million to Develop Blockchain Platform for the Wine Industry

Blockchain-based wine investment platform, WiV Technology has raised $1.5 million in a private token sale round co-led by RedCave Ventures, Daniel Maegaard, SuperNatural, 1010 Capital, StableNode, Tokenize Ltd, TMT Ventures and Influence.

With fresh capital at hand, WiV plans to use the fund collected via a sale of $WIVA tokens to speed up the development of its platform for tokenized fine wine. The funding round saw participation from prior and new backers, and there are still allocations left for investors looking to take part in building its ecosystem that brings the world of fine wines to the DeFi space via NFTs. 

Just like how Robinhood revolutionized the trading world by creating a brokerage platform with access to fractional shares, WiV aims to have the same impact on the wine industry. The company’s offering gains traction as the blockchain technology continues to expand out from the crypto sphere into different real-world sectors, including the alcohol industry.

Tokenization of wine assets helped WiV expand their collector investor base to new segments interested in both better taste and profit. It provides them with lucrative investment opportunities as they can hold, trade or request a physical settlement of their tokens.

“We are immensely proud to have both RedCave Ventures and Daniel Maegaard as lead investors. RedCave brings a wealth of experience in the crypto space representing a group of very successful tech entrepreneurs that clearly understands and have great beliefs in the Real-World Asset that we represent,” said Tommy Jensen, CEO at WiV.

“Daniels track record speaks for itself, and he brings with him a massive dose of experience in both Blockchain and NFT. Combine this with his great passion for wine, it’s truly a perfect match. Both RedCave and Daniel are long-term investors who see the great value we will bring to the wine industry both with DeFi products and NFTs,” he added.

Blockchain Meets the Wine Industry

The WiV platform taps blockchain’s unique features to create a digital, immutable twin for the cases of physical wine produced by vineyards.

Specifically, investors can buy and hold the non-fungible tokens created by vineyards for bottles and cases of fine wine. These NFTs represent digital certificates of ownership and authenticity, which are exchangeable at any stage since the token is digital and backed by a physical twin.

From wineries’ perspective, these smart contracts have become novel ways of marketing and promoting their products and attract a non-traditional market. NFTs help them utilize the benefits of immutability to create a reliable contract between the buyer, the seller and the physical wine they represent.

WiV also offers its own wallet where users can purchase digital assets via WiVA tokens, and to make or receive payments as they conduct business on the platform.

Commenting on their participation in the funding round, a RedCave Ventures spokesman said:

“WIVA is one of the most innovative projects in the crypto space, bringing liquidity to an asset class that has traditionally struggled with liquidity. RedCave Ventures is always keeping a watchful eye for projects with this level of revolutionary thinking, competent team members, and tokenomics. We look forward to seeing WIVA’s bright future unfold.”

Daniel Maegaard – a prominent investor, advisor and NFT collector, added:

“The intersection of digital and physical is continuing to merge, and I believe WIVA is well positioned to take advantage of this rapidly growing space. As a fellow wine enthusiast, it was an easy decision to back such a strong team and white paper as they look to disrupt the billion dollar wine industry.”

Source: https://coinquora.com/wiv-technology-raises-1-5-million-to-develop-blockchain-platform-for-the-wine-industry/