Monetha Signs Partnership Deal with Dominant Baltic Online Retailer
Vilnius – 24 August 2017 – Monetha, today announced a strategic partnership deal with the largest online retailer in the Baltic States, Pigu.lt. The deal is the first of many to come, enabling online shoppers to purchase goods using Ethereum based tokens via a seamless checkout experience.
Through the strategic partnership Pigu.lt have agreed for the Monetha integration to be rolled out across their portfolio of websites, following the final development of Monetha’s Milestone 01 – due for completion in early 2018. The roll-out includes the Latvian (220.lv), Lithuanian (Pigu.lt), and Estonian (kaup24.ee) markets, where online shoppers have access to over 400,000 products, including best-selling perfumes, clothes and electronics.
Co-founder of Monetha, Justas Pikelis commented: “To partner with a company of such size, influence, and reach, has been a long term dream of ours and we’re more than excited to help “Pigu.lt” unlock and enable payments from the ethereum community”.
The implementation of the roll-out indicatively positions Pigu.lt as one of the largest e-commerce stores in the world to accept Ether, and arguably one of the more forward thinking e-commerce players in the space.
Pigu Group boasts an impressive growth history, and today processes around 2 million orders per year. For the last 10 years, Pigu group has continued to strengthen their position as leaders in the market by being both innovative and open to new challenges – making them a well suited partner for Monetha.
This year, the consolidated turnover forecast for Pigu Group is over 100 million US dollars.
CEO of Pigu.lt, Dainius Liulys commented: “In order to ensure our leading position in the market, Pigu Group has been aware of Ethereum based currencies before. After seeing what Monetha offers to merchants, we discussed our options by meeting the co-founders and we are happy to have them as our payment processing partner for crypto currencies, once the product is developed to handle our transaction volumes.”
Monetha.io is a decentralised payment and trust solution on the Ethereum blockchain. Through the use of smart contract technology payments are secured over a revolutionary trust system that analyzes the reputation of all parties, assigning an algorithmic trust rating to each party. By leveraging Ethereum blockchain technology, “Monetha” will empower merchants with a single step transaction that’s 5x cheaper and up to 10,000x faster than traditional alternatives.
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