Wadaboo is a reverse auction platform that tries to automate purchasing processes in companies and make them more effective, while at the same time creating a new sales channel for suppliers. On the other hand, they developed their own cryptocurrency. For more details, Cointelegraph en Español in Argentina spoke to Daniel Blitman, CEO and co-founder of the company.
The idea started in 2016 when Nicolás Passerini (current CTO) and Daniel Blitman got together. Wadaboo aims to help small and medium-sized businesses compete with larger companies that have the economic power to drive prices down on purchases.
“”Our niche are small and medium-sized businesseswho are unable to bring the price down due to the volume they have purchased, and we are mixing technologies with blockchain by integrating payments with Wadapay, Wadaboo’s native cryptocurrency, “Blitman said.
Own cryptocurrency for payments, shipments and credits
Daniel Blitman emphasized that they have developed their own cryptocurrency called Wadapay (WPAY): “It is already traded and works within Wadaboo so that companies can pay for services or products, international shipments or loans.”
Investment and billing
When asked about Wadaboo’s initial investment, he replied, “Almost all of the development came from us, so we put the effort and time into it.”
Regarding the billing, he said, “This year only, we would have an approximate billing of 700,000 pesos. And for the next five years we will calculate a total of more than 20 million pesos in Argentina. “
Regarding clients, they pointed out that major companies are known to have businesses and asked them to join them in this adventure. “In general, they are dedicated to the textile or occupational safety sector,” explained Blitman.
As part of the coronavirus pandemic, their plans were affected. “For reasons of force majeure, we left 2020 with no progress in programming, as we all had to devote ourselves to our main economic income. That’s why development ended a year later than planned, ”said the CEO.
“Even though we went into production this year, we can see that companies need to change their strategies to survive. If inflation is consuming a good chunk of their income and not just covering itself with goods, this is the best way to to do that.” getting ahead improves your costs. Many businesses focus on selling more but forget about making their purchases effective, which is essential. And this is where Wadaboo can help completely for free, ”added Blitman.
Looking ahead, Blitman noted, “In the short term, we will develop the ability to post private purchases and only include suppliers named by buyers. Also the maximum price a buyer is willing to pay for a particular product. “
He also stated, “In the medium term, we are considering considering the possibility that a buyer can enter an open auction and set up an automated purchasing pool and thus create more pressure on purchase prices.”
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