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Alternative Market Briefing

Pioneering electronics ecommerce firm launches ICO which ends April 15

Monday, April 09, 2018

amb
Yuen Wong
Benedicte Gravrand, Opalesque Geneva:

An innovative second-hand electronics ecommerce based in Hong Kong has started a token sale which ends on 15th April. It has already sold more than 288 million tokens.

Galaxy eSolutions operates across 26 countries with the mission to build a pre-owned / refurbished B2C and B2B ecommerce ecosystem.

The company repairs and cleans pre-owned consumer electronics, then sells them for a discounted rate online. It thus takes part in a greener world by reducing electronics-related waste, and by being part of the circular economy.

This business model is working. Launched in December 2016, Galaxy eSolutions reached almost $2m monthly sales within nine months and reached operational break-even in August 2017. Right now, they ship around 200 phones a day - particularly to developing markets. All the while, the market for refurbished phones is reportedly growing at five times the rate of new phones sales.

Founder and CEO Yuen Wong says his firm also uses blockchain technology to verify each phone and ensure the right products are shipped to the right market. Blockchain is further used to reduce frauds and scams and other problems, as well as document and track each product's movement and refurbishment details. All this is done with each phone's IMEI (International Mobile Equipment Identity). They also use cryptocurrencies or GES tokens for cross-border transa......................

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