In 2010 Flubit.com was founded to change the way people interact with online shopping. Its purpose was to empower smaller businesses to compete with the likes of Amazon in the retail space, and save shoppers money. Over the course of the next 7 years it became the largest independent marketplace in the UK, hosting over 70M items across all different household categories (books, games, toys, garden, sports, DIY etc), and partnering with thousands of sellers.
In 2014, MonetaryUnit was founded as a decentralised, self-sustaining and self-governed cryptocurrency project. It's focus was to create a cryptocurrency that would be accessible to all and free from the stigma that the blockchain space is only for techies. Over the years it has delivered key, sustainable, projects which have enabled the general public to enter the crypto market.
In the spring of 2018 MonetaryUnit acquired Flubit.com with a view to making a bold statement in the world of blockchain and cryptocurrency. Together with the experience of the Flubit.com eCommerce team, and MonetaryUnit's expertise in cryptography and blockchain technologies, they would enable small businesses (SMEs) to sell their items to a whole new market. There is a $15BN/day volume of trade running through cryptocurrency which current online sellers (selling perhaps on Amazon and eBay) simply cannot reach.
With the focus on CryptoCurrency from Q3 2018, last year Flubit.com diverted over $2M worth of business to sellers, which may not have existed otherwise. In addition, the savings to customers have been extended. Due to expertise in crypto-staking and management, Flubit.com with MonetaryUnit can now afford to reduce prices on the platform by an additional 10-15% below the Amazon price when MUE (MonetaryUnit Coin) is used to pay for goods.
The key for success has been the way a traditional eCommerce platform has been blended with new technologies. In order to achieve success the business could not expect small businesses to accept CryptoCurrency as a method of payment in the interim. Therefore proprietary technologies and processes have been built to handle the immediate exchange between crypto and fiat, over the blockchain, enabling a seller to be unable to determine if an item was purchased on Flubit.com with crypto of fiat money. This seamless operation enabled sellers to interact with the platform in a risk-free manner, avoiding market-price fluctuations, whilst still being able (for the first time) to reach this untapped market of crypto currency.
Another key development of the Flubit.com with MonetaryUnit project has been to engage non-crypto users into the crypto-sphere. Flubit.com have launched a dynamic loyalty program that encourages the general public to download the MUE wallet (Android and iphone) and receive cash-back for every purchase, in MUE coin. Users are then able to spend this MUE on Flubit.com; and unlike traditional loyalty points, if they forget to spend the coins over a period of time, their value is likely to increase, rather than expire.
Moving into 2019, the project continues to build exciting new blockchain and crypto processes, blending traditional shopping with new-world technologies, growing adoption for both small bossiness, crypto, and non-crypto users. Together the the blockchain space no longer only benefits techies, but is also the wallet of me, you and everyone.