Web3 Luxury Platform Vaultik Offers Game Changing Insurance Component
Today marks the launch of Vaultik, a groundbreaking Web3 luxury fintech solution that combines EU regulation-compliant, blockchain-secured digital ID with e-certificates of ownership and on-chain insurance. Vaultik aims to protect luxury goods and enhance the post-sale experience for customers throughout the lifecycle of a product.
Vaultik is an evolution of Mintouge, one of the eight Web3 start-ups selected for the Dream Assembly Base Camp accelerator program by FARFETCH and Outlier Ventures. Co-founded by Meta and Bloomberg alumni Pietro Novelli and Kunaal Chande, Vaultik has also announced a $2.5 million seed funding round led by The Operating Group, chaired by Ken Cron.
Pietro Novelli describes Vaultik as a “digital vault” that revolutionizes the concept of safekeeping valuable items for the digital age. The solution utilizes cutting-edge blockchain technology as an invisible shield to protect belongings and unlock new opportunities and experiences.
Once a brand implements Vaultik’s white label solution, e-certificates are generated using proprietary technology that certifies the transfer of ownership via a single line of code. Novelli emphasizes that Vaultik offers one of the shortest onboarding times in the industry. The plug-and-play solution seamlessly integrates with a brand’s existing e-commerce infrastructure without the need for payment gateways, cryptocurrency, or NFT wallets. Additionally, purchasers can access Vaultik’s benefits through its own mobile app.
The Operating Group CEO Ken Cron states that Vaultik aligns perfectly with the company’s vision of investing in cutting-edge technologies that drive positive change. Brands are increasingly attracted to the backend use of blockchain technology as it allows customers to experience the benefits of Web3 without creating barriers to entry.
The solution also works with trusted brokers, InsurTech solutions, and insurance providers. Vaultik offers a unique on-chain insurance and warranty component that provides up to 90% coverage against loss, theft, damage, and counterfeit products, addressing some of the luxury industry’s biggest challenges. Repairs can be carried out directly by the brand or approved suppliers.
In addition to product tracking, Vaultik allows users to tally the market values of their purchases, enabling them to leverage them for resale or as a credit tool. Planned enhancements include AR functionality, allowing users to wear their products in augmented reality, a specialized repairs service, and a suite of additional benefits.
Vaultik is currently working with undisclosed luxury brands in addition to their proof of concept with Burberry. The Operating Group is a holding company that partners with entrepreneurs to build the next generation of technology-driven businesses, led by industry veteran Ken Cron.
Vaultik’s launch represents a significant development in the luxury fintech space, offering brands and customers a comprehensive solution that combines digital ID, e-certificates of ownership, on-chain insurance, and enhanced post-sale experiences. As the industry continues to embrace Web3 technologies, solutions like Vaultik provide a seamless integration without the complexity often associated with cryptocurrency tools.
