By now, we’re all familiar with — or puzzled by — cryptocurrencies and NFTs. But have you heard of Fibercoins?
They may not generate the same financial returns as their more buzzed-about blockchain cousins, but their payoff is much higher. Fibercoins are a part of TextileGenesis™, a platform making sustainable fabrics fully traceable with reliable, un-hackable blockchain technology.
TextileGenesis guarantees that a garment marketed as sustainable or climate-neutral is just that by sowing a Fibercoin into its fibres and giving it a digital fingerprint. A fingerprint that can’t be tampered with, lives forever and makes it possible to trace every step of that garment’s journey.
From farm to factory to retailer to your wardrobe. When the garment eventually reaches a recycling plant, its Fibercoin stays intact through the recycling process and lives on in the regenerated garment.
Before winning the GCA in 2020, TextileGenesis were in the initial stages of launching their platform.
“Without the GCA and accelerator program, we believe we’d be only halfway to what we have achieved so far.”Amit Gautam, founder TextileGenesis
“Now, in 2022, we’re working with about 30 of the top global brands. We have about 1,500 distinct supply-chain roles onboarded across the globe, and more than 50 different sustainable materials are being tracked on the platform,” explains its founder, Amit Gautam. “Without the GCA and accelerator program, we believe we’d be only halfway to what we have achieved so far.”
According to Amit Gautam, the GCA boosted the recognition of TextileGenesis™, exposed them to the industry and media and enabled them to fast-forward their development, scaling and roll-out.
“Some of the garments traced using TextileGenesis platform are already in the retail stores of brands such as H&M and Bestseller. We hope that in the coming years, all products containing sustainable raw materials will be traced using the TextileGenesis platform,” says Amit Gautam.
TextileGenesis won GCA in 2020
Founders: Amit Gautam & Akanksha Sharma