Shping confirms Asia-Pacific expansion plan as Token Sale draws to a close
21 March 2018, Melbourne, Australia – Melbourne-based blockchain business, Shping has confirmed that it is moving ahead with its development and expansion roadmap, having already achieved 2 of its 5 funding milestones, and edging closer to its third as its Token Sale draws to a close.
To date, the shopper marketing and brand protection platform has raised over A$8.4 million after selling out its January Presale distribution 3 days early. The success of the Presale allowed Shping to achieve its soft cap of A$3.7 million, and greenlit several development projects outlined in its whitepaper.
Among the projects now in development are an API-based payment transfer engine which will enable Shping consumer and business users to easily acquire and transfer Shping Coins through certain cryptocurrency exchanges to be announced once the Token Sale concludes. Reaching the second funding milestone enables Shping to add operations in New Zealand, India and South Korea to its existing branches in Australia, Singapore, Russia and China by the end of 2019.
“We have established partnerships in New Zealand, and we are working on some emerging opportunities in India and South Korea where a physical presence will be strategically advantageous,” said Shping’s CEO and founder, Gennady Volchek.
A third milestone achievement would mean that Shping would also create a presence in the UK, USA, France and Germany, where Shping believes prospects for the shopper marketing and brands protection platform are also promising.
Instead of burning them, all unsold tokens will be added to the Shping App Incentive Reserve which rewards users for scanning barcodes, adding and updating product details and submitting reviews on products where a brand has not yet come on board.
“Shping is a US$28 trillion industry and we believe businesses are going to need a lot of Shping Coins to use the platform. That’s why instead of burning, unsold tokens will be added to the Shping App Incentive Reserve which will now take many more years to deplete, and as such, we do not expect it to impact the value of the coins being purchased in the Token Sale.” Volchek said.
Brands and retailers will require Shping Coins in their accounts to reward shoppers when they scan their barcodes with the Shping app to reveal important product details, reviews and marketing information that can help inform purchase decisions. Brand owners are also able to use their acquired Shping Coins to run Shping campaigns right away with a number of boutique brands in Russia, Australia and Chile among the first to trial the game-changing marketing platform.
“Selling the full amount of 5 billion Shping Coins in this climate was always going to be a challenge, but we’re delighted with the reaction from the industry, buyers and the broader community, and we are excited to see our vision of Shping as a smarter, safer and more rewarding shopping experience coming to fruition,” Volchek adds.
The low-circulation of purchased tokens may also be good news for Shping Coin buyers, as brands, retailers and crypto-enthusiasts seeking to purchase Shping Coins outside of the Token Sale will need to acquire them from buyers who did.
“The team at Shping is grateful for everyone who has taken part in the token sale and we are excited to keep our loyal supporters up-to-date with latest developments as we roll out this platform regionally and to the rest of the world,” Volchek said.
To take part in the Shping Token Sale, head to
Shping started its life as Authenticateit in 2012. Concerned about the growing threat of counterfeit and unsafe products entering legitimate retail situations, Shping’s founders developed a robust ecosystem to help organisations verify the authenticity of products through the supply chain up to the point of purchase.
Today, Shping has evolved into a powerful, all-round brand protection, marketing and consumer engagement platform. Fuelled by product information supplied by brands, retailers, government institutions, certification agencies, customs, product recall portals and GS1, Shping’s Global Product Database is set to become the largest of its kind in the world.
Shping has recently added a revolutionary cryptocurrency-based reward system to allow product brands, retailers and related organisations to reward consumers who use the innovative Shping app to help them make smarter and safer shopping decisions.
It has released 5 billion Shping Coins for sale as part of a one-time only Token Sale which ends at midnight 24 March (Central European Time). Visit tokensale.shping.com for details.
Shping Media Enquiries:
+61 3 9924 4420