WiV signs an agreement with the Georgian government to develop Georgian wine’s global presence also the partnership will provide a fantastic opportunity to assist in strengthening their position in the worldwide market.
The Georgian government has inked an agreement with WiV Technology, a blockchain-based trading platform for unique assets, to shift some of the country’s wines and their provenance onto WiV’s blockchain-powered platform.
WiV will also develop a quality assurance standard for the county’s wine in order to improve its international reputation.
Several Georgian wines, as well as their related non-fungible tokens (NFTs), will be made available on the WiV platform to a growing global network of winemakers, collectors, and lovers. This will expose Georgian wine to a much larger audience than it has previously.
WiV is also establishing a quality assurance method to help Georgian wine gain more credibility. This will be based on vintages being judged by a panel of experts to ensure that wines satisfy the highest industry standards.
“Economics is changing,” says Georgian President Salome Zourabichvili of the accord. Physical assets can now be converted into digital representations, allowing them to be transferred more swiftly and effectively.
This method works particularly well with wine since the wine’s digital certificates, also known as wine tokens, may be used to verify the wine’s provenance.
We aim to be the first wine-producing country to embrace this new strategy, raising the bar for Georgian wine and introducing it to new audiences.”
“Wine is in the DNA of the Georgian people, it’s a big source of pride for the producers and the entire country,” says Tommy Nordam Jensen, co-founder of WiV.
This deal provides us with a fantastic opportunity to assist them in strengthening their position in the worldwide market.
We will be placing some of Georgia’s exceptional wines in front of wine merchants, collectors, and aficionados from all around the world by combining excellent wine with quality assurance and irrefutable provenance on the blockchain. It will make it easy to trade wine swiftly, easily, and affordably.”
Georgian wine has a unique place in viticulture history, with archaeological evidence indicating that it has been making wine for over 8,000 years.
Today, the country has over 1,800 winemakers, many of which use the traditional clay kveris to age their wines rather than the more prevalent barrel-based approach used by good winemakers around the world.
The goal of WiV is to make wine DeFi available to everyone. WiV.io, the company’s award-winning fintech platform, allows producers and collectors to purchase, trade, and borrow money against their wine in real-time, bypassing the normal lengthy bureaucratic processes that are rarely built to take into account the idiosyncrasies of the wine sector.
WiV is in the midst of launching its own currency, the $WiVA. The WiV ecosystem, a new, inclusive, and borderless economy for real-world assets in a digital world, will be built on this foundation.