The weeNexx AG is part of the weeGroup, an operative group of twelve companies under the ownership of the Swiss Fintec Invest AG, Kreuzlingen, Switzerland, and is the company which is responsible for conducting the wee Initial Token Offering (ITO) and issuing the weeMarketplaceAccessToken (WMA). The weeGroup has developed a well-known global shopping community under the brand name wee; this weeCommunity combines renowned brands and local retailers on its online platform. Wee offers an innovative alternative to conventional loyalty programmes that motivate customers to collect supposedly valuable loyalty points when making purchases. Instead of providing points which can only be used in shops or for the services of one single company, wee users receive cashback which can be applied to an open system with hundreds and thousands of connected partners and even withdrawn in the form of real cash. The weeGroup has already successfully established its innovative cashback system and currently generates revenues, making it a fully operational business . It has recognised that the success and functionalities of blockchain technology offer immense possibilities for the further development of its operational cashback system .
Until now, the weeGroup had to rely on complex and expensive banking systems to manage user accounts and transactions. This is both time consuming and inefficient, resulting in high transaction costs as well. Through the conversion and integration of the cashback system onto blockchain technology and the transformation of the current technical base and business model, the weeGroup is able to solve these problems – at minimal cost for users worldwide.
Blockchain technology will open immense opportunities and lead to a drastic and fast expansion of the weeGroup’s cashback business and, in particular, of the wee Marketplace . The wee Marketplace is the perfect place for synchronising the virtual payment processes within its open system with payment transactions outside its own infrastructure . In turn, its users will be able to access the blockchain and gain easy access to the cryptocurrency . This will revolutionise the way consumers use cryptocurrencies in their everyday lives in addition to instant peer to peer transactions to merchants and other users (i .e . all community members), which will result in the ideal mobile payment system .
The weeNexx AG, based in Kreuzlingen, Switzerland, is offering the weeMarketplaceAccessToken (WMA), which is a utility token . The WMA will be offered in a private sale followed by an Initial Token Offering (ITO) . The proceeds from the issuance of the WMA shall be used to transform the current digital business of the weeGroup onto blockchain and to aggressively market and develop the wee Marketplace and wee cashback system . The main utility of the WMA will be to provide users (both merchants and customers) access to the wee Marketplace . Customers and companies will have to hold a specific minimum number of WMA in their ERC20 e-wallets in order to be eligible for the participation in the wee Marketplace. Furthermore, customers and merchants who will hold more than the minimum WMA will be eligible for added benefits, such as higher cashback rates or added marketing exposure .In a second phase, a stable payment coin, the weePayCoin (WPC), shall be introduced and attached to the wee cashback system. The WPC will be 1:1 backed by the Euro as a stable currency . It shall be used for the purchase of goods and services by consumers and be the means of receiving cashback gains into an ERC20 e-wallet . This step represents the migration of the existing cashback business model onto the blockchain: today, our customers collect wee points as clearing unit, which are 1:1 pegged to the respective local currency; tomorrow, customers will collect WPC instead.The existing cashback customer base will be migrated into the blockchain-based wee solution. All existing cashback rewards will be locked and the respective cashback amounts will be converted into the value preserving WPC on the basis of 1 EUR for 1 WPC. This transition will boost the velocity of the existing network of users. The WPC is easily and quickly transferable and value-stable because it is pegged to the Euro and, therefore, easily accepted by many retailers, servicers and merchants worldwide . Instead of users needing costly POS terminals, the WPC will be accepted at all physical or digital stores that accept ERC20 tokens . At the wee Marketplace, users can convert their crypto and cashback savings into fiat. In the future, an exchange of rewards offered by third-party cashback systems or of loyalty points (e .g . Miles and More) for WPC will also be possible in order to make use of it on the wee Marketplace or make the value accessible through a conversion into the Euro. Once the WPC will have been established as a global go-to payment solution amongst retailers and cashback providers, wee will further explore and develop the possibility to offer WPC-based financial services to everyone.Therefore, it is a realistic goal of the weeGroup to create and establish the world’s first truly stable cryptocurrenccy for everyday use in the form of the WPC – and thus to launch a new era of payment systems around the world . As part of its Initial Token Offering (ITO), the weeGroup will expand its core brand as an innovative loyalty program via the creation of an organic network of paper money, cryptocurrency and cashback . Of course, cashbacks in form of WPCs shall be convertible into Euro anytime .
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