Luxure Global Citizen, a leading luxury goods reward platform, has launched its own cryptocurrency: LGC-Exchange.
Developed specifically for the luxury market, LGC-Coin will connect cryptocurrency users with retailers, allowing luxury goods and services to be purchased with cryptocurrency.
The LGC-Coin is hosted on the LGC-Exchange, a platform that connects customers with some of the world’s largest and most luxurious brands. The LGC-Exchange will also enable customers to trade LGC-Coin with other cryptocurrencies – including Bitcoin, Etherium and Ripple.
LGC-Coin differs significantly from other blockchain-based cryptocurrencies in that LGC-Coin can be exchanged for items of the same type and value. While LGC-Coins can still be traded or held as an investment – just like any other cryptocurrency – they can now be liquidated against luxury goods, providing a tangible, real-world value.
LGC-Coin users can make purchases directly with some of the world’s most impressive luxury brands such as Rolls Royce, Cartier, and Audemars Piquet.
Luxure Global Citizen has exclusive deals with its brand associates – with all agreeing to accept the LGC-Coin exclusively. Luxure Global Citizen will firstly handle all LGC-Coin payments through its new app upon clients’ special-order requests.
With the LGC-Exchange officially launching yesterday, there were over $38 million of LGC-Coins sold in the first 24hours – including a $22m investment by ROK Mobile.
Luke Wilson, Founder and CEO of Luxure Global Citizen, said: “Cryptocurrency is booming, but it still faces one major barrier: you can’t actually spend it. Most retailers are not set up to accept cryptocurrency and they are unlikely to do so anytime soon.”
He continues: “LGC-Coin aims to solve this fundamental issue by giving cryptocurrency users the ability to buy luxury goods, effectively putting a tangible, real-world value on their digital cash. By connecting users with retailers LGC-Coin is changing the way that cryptocurrency can be used, and we truly believe this to be a gamechanger for both the retailer and cryptocurrency industry.”
The LGC-Exchange is still in development and will become a full trading platform within 60 days. Until then, the LGC-Coin will be controlled on its own dedicated algorithm against internal buying and selling of the coin. Price fluctuations will be illustrated every hour. The LGC-Exchange has the exclusive rights of trading the LGC-Coin.
Luxure Global Citizen is a pioneering luxury reward scheme which offers customers a 5% cash reward on purchases from the world’s biggest names in luxury. With over 1,200 luxury brands and retailers – including Rolls Royce, Tom Ford, and Selfridges – Luxure Global Citizen covers 12 sectors, from the timepieces to travel, and fashion to fragrance.
Additionally, Luxure Global Citizen members can now receive their 5% cash reward in the form of LGC-Coins and use them as a form of payment when making purchases through a brand partner on the Luxure Global Citizen App..