Buying.com Develops BUY Token Cryptocurrency on Algorand Platform
MAHWAH, N.J., March 9, 2021 (Newswire.com) - Buying.com, a leading player in hyperlocal e-Commerce fulfillment and distribution, is launching its BUY token on the Algorand platform. This exciting new token plans to exchange listed by Q2 of 2021.
Buying.com's initial foray in hyperlocal distribution has been its fulfillment operations in the food service sector and aggregates the orders and deliveries from popular food-ordering apps such as Doordash, GrubHub, Uber Eats, and Postmates. This provides restaurants with a single easy entry point to manage all orders and deliveries. The BUY token's maiden use case is in rewarding loyalty of restaurants participating in the program.
"We chose Algorand for the foundation of our token given the fact that it has low transaction costs, and has extremely high transaction speeds. Our rewards program is to recognize the loyalty of our participating restaurants, and the Algorand technology was a natural fit for creating our utility token," stated Jean Gabriel, CEO of Buying.com.
The BUY token was developed by NetObjex, a leading player in the new era of the Machine Economy. "Algorand is emerging as a blockchain leader with over 500 companies who have already integrated Algorand into their stack. The Algorand ecosystem includes global exchanges, asset issuers (including stablecoins USDT and USDC), and supporting infrastructure including custodians, wallet providers, and identity providers. With its low transaction fees, it meets the needs of Buying.com," said Raghu Bala, CEO of NetObjex.
Buying.com provides an on-demand delivery system for restaurants to streamline their delivery processes. The all-in-one order management system handles both internal and external orders, allowing restaurants to easily schedule drivers and track orders while reducing delivery costs. The on-demand delivery system eliminates any costs associated with external delivery apps while expanding the business' customer base.
NetObjex, based in Irvine, California, provides enterprise software and business solutions for real-time tracking, tracing and monitoring of digital assets. The industrial-grade NetObjex Matrix digital twin asset management platform unifies IoT, AI and blockchain technologies as a continuum for intelligent automation and data marketplaces. NetObjex clients and partners benefit from global coverage across key verticals like e-Commerce, energy, manufacturing, transport, healthcare, communications, retail and government.
Media Contact: Joe Rivello, Chief Operating Officer, Buying.com