Qoo10, an e-commerce firm, has announced its plans to launch a blockchain-based online marketplace built on the Ethereum protocol on January 1, 2019.

The blockchain-based marketplace is known as QuuBe and has its own cryptocurrency named as Q*coin. Shoppers can purchase these Q*coins in 7-Eleven stores. Due to volatility issues, Qoo10 has no plans to allow any other cryptocurrency to be used on QuuBe.

Ku Young Bae, CEO of Qoo10, has stated that the company has eliminated the 10% merchant fee and payment gateway fees. He has claimed that blockchain technology has reduced the administrative costs due to the use of smart contracts.