Today marks the launch of Voltic, the first Web3 luxury fintech solution compliant with EU regulation, combining blockchain secure digital ID with e-certificate of ownership and on-chain insurance. It protects luxury goods and connects the brand and the customer to enhance the after-sales experience throughout the entire lifecycle of a product.
Voltic is a development of Mintoz, one of eight Web 3 start-ups in the inaugural Dream Assembly Base Camp accelerator program by FARFETCH and Outlier Ventures.
The Meta and Bloomberg alumni founders of Voltic have also announced a $2.5 million seed funding round led by Ken Crone’s The Operating Group.
Co-founder and CEO Pietro Novelli describes Voltic as a “digital vault”.
“You may remember your grandmother carrying her precious jewelery and valuables in a bank deposit box for safekeeping,” he said. forbes, “Vaultic has revolutionized that concept for the digital age. It protects your belongings through cutting-edge blockchain technology like an invisible shield and opens up incredible new opportunities and experiences.
Once a brand implements Voltic’s White Label solution, e-certificates are generated by proprietary technology that effects and authenticates the transfer of ownership through a single line of code. Novelli says the technology allows “to connect in the shortest time in the industry.”
Crucially, the plug-and-play solution – easily integrated with brands’ existing e-commerce infrastructure – does not require the use of payment gateways, cryptocurrencies or NFT wallets.
“This ensures it is easy to use for any existing customer base,” Novelli says, adding that buyers can also access its benefits through Voltic’s own mobile app.
According to a statement from the operating group’s CEO, Ken Crone, the solution “aligns perfectly with the group’s vision of investing in cutting-edge technologies that drive positive change.”
This backend use of blockchain technology is proving increasingly attractive to brands as it allows their customers to experience the benefits offered by Web3 without creating a barrier to entry.
For example, luxury timepiece brand Panerai has developed a digital platform called Pam.Guard, where its customer community can access the benefits of their own digital passport.
As Ariani co-founder and CEO Pierre-Nicolas Herstel told Decrypt, it offers users “all the advantages of Web3 connected to their watch – but without any of the stress and complexity of crypto tools.” Web3 solutions provider Ariani partnered with Richemont-owned Panerai on the brand’s recent digital passport roll-out.
Voltic’s solution works with multiple trusted brokers, insurtech solutions and insurance providers.
For annually renewable premiums, the unique on-chain insurance and warranty component at its core provides up to 90% coverage against loss, theft, damage and counterfeit products – some of the biggest challenges of the luxury industry. Repairs can be performed by approved suppliers directly through the brand.
While other luxury brands – including Panerai – are offering optional warranty extensions with their digital passports, actual insurance has proven elusive so far.
Although, for now, the Voltic app allows users to keep track of products purchased from partner brands, going forward it will also match their market values so that they can be leveraged for resale purposes or as a credit tool .
Further planned enhancements include AR
Voltic is co-founded by Pietro Novelli, Meta global business marketing manager in charge of luxury, fashion and e-commerce, and Kunal Chande, Bloomberg digital strategist. In addition to developing a proof of concept for Burberry earlier this year, they are also currently working with several unnamed luxury brands.
The Operating Group is a holding company that partners with entrepreneurs to build the next generation of technology-driven businesses. Ken Cron has substantial experience in the gaming industry, having previously headed Vivendi Universal Games and Uproar Games. He is also an advisor to the board of directors of Animoca Brands.