Revolution in the bakery trade: Invest in Luxembourg with blockchain!

Revolution in the bakery trade: Invest in Luxembourg with blockchain!

LetzToken, a company founded in Gasperich in 2021, aims to make investing accessible to everyone. The latest innovation is the LetzOlky platform, which was created in collaboration with the neobank OlkyPay. This application uses modern blockchain technology to give even financially constrained people the opportunity to invest in various projects. What's special about LetzOlky is that bakers can convert their bakery into tokens and sell them via the platform.

Bakers' supporters have the opportunity to purchase digital shares in the respective bakeries. In return, they not only receive pastries, but also a share of the profits. Another advantage is that all tokens are stored in a digital wallet, also called a wallet. Reselling these tokens also requires a wallet, making it easy for users. Transactions are automated via smart contracts on the Polygon and Ethereum blockchains, which increases the security and efficiency of the processes.

Technical support and payment methods

LetzToken sees itself as a supporter for the bakers and offers technical help in creating their platforms. The integration of OlkyPay brings additional security measures. Using methods such as OlkyPass for identification and Kypay, a digital currency, a comprehensive solution for secure transactions is provided. Kypay is pegged to the euro, which opens up future exchange options for euros.

The development of this platform is not LetzToken's only project. The BlocHome project was previously launched, in which real estate shares can be tokenized. Investors have the opportunity to buy BlocHome tokens for as little as 1,000 euros and receive part of the rent in return. It is planned to launch the secondary market for these tokens soon.

Financial framework and future vision

However, the 2023 financial year brought challenges with LetzToken recording a loss of over 425,000 euros, while in 2022 there was a loss of around 283,000 euros. Despite these setbacks, the company's long-term vision remains: creating more real estate and separating use from ownership. The goals are ambitious, with LetzToken targeting $2 billion in investments worldwide.

The tokenization market is developing rapidly and is approaching the $20 billion mark. LetzToken sees a promising future for blockchain applications, particularly in the use of blockchain for services in communities to create trust. According to Tageblatt, European projects in this area could become more important in the coming years. Further information on these developments can also be found in the publication by Springer.