From the rapid-fire rise of Bitcoin to the exploding numbers of self-made millionaires, the uber-popular cryptocurrency sector rises to meet challenges merchants – especially in under-developed countries.
The brainchild of Terry Igharoro, an experienced database architecture and development guru, InventoryClub is being poised as the world’s first inventory finance marketplace catering to the needs of the Commonwealth.
InventoryClub will attempt to solve the challenge of inventory finance across the Nations, wherein merchants can access inventory financed by global members looking to share the growth and the profit.
Merchants sign up to InventoryClub and create a proposal for inventory they’re seeking to finance, which InventoryClub then curates. Accepted proposals are added to the marketplace, and members can browse it to purchase inventory proposals using “VNT” tokens.
When a deal is made, a smart contract called an Inventory Finance Agreement (IFA) is created between the member and merchant, with details of the proposal including purchase and resale price, member and merchant profit.
“We understand the challenges that merchants face – especially in the more under-developed countries of the world – and our plan is to tackle these challenges head-on,” says Igharoro.
“Through our innovative marketplace, we make it possible for merchants that want to trade online to get access to micro-financing opportunities in a secure fashion; what’s more, our business model supports and promotes investment into the Commonwealth of Nations from its diaspora citizens.
“We also aim to make it much easier for citizens of the Commonwealth to buy online from other Commonwealth merchants and reap the benefits of 19-percent intra-trade savings.
In this post-Brexit era, we believe the Commonwealth can become a valuable marketplace for UK exports with a plethora of growth potential, provided the groundwork is completed to build out the infrastructure…and our solution will contribute to the building of such an infrastructure.”
In recent related news, the Commonwealth Secretariat has been working with the governments of Fiji, Bangladesh, Jamaica, Ghana, Nigeria and Kenya to encourage Commonwealth diasporas to save and invest in their family’s country of origin, with migration being one of the key pillars upon which the Association of Commonwealth members has been constructed. The dramatic growth in remittances over the last 15 years indicates to many experts that diasporas are committed to supporting family and friends back home.
A report recently released by the Commonwealth Secretariat entitled Financing the Sustainable Development Goals with Diaspora Investment suggests that an additional $73 billion (U.S.) per annum could be raised and invested by Commonwealth migrants and their children to advance economic and social development in their homeland.
“We intend to position ourselves as a prominent player in assisting the Commonwealth to achieve its sustainable development goals,” concludes Igharoro. “Our long-term plan consists of setting up operations in each of the member nations and working closely with their governments, SMEs and merchants to develop a reliable supply chain that supports digital trade.”
InventoryClub is headquartered at 8 Nursery Road in London.