August 19, 2022 10:00 ET | Source: VINU FOUNDATION LTD. VINU FOUNDATION LTD.
SINGAPORE, Aug. 19, 2022 (GLOBE NEWSWIRE) — Laundry Zone, a self-service laundry brand operating under COINUP, a strategic partner of VINU Network, opened 7 new stores in a row in Mongolia, officially setting its foot down in the Mongolian market.
COINUP initially launched the first and second stores of Laundry Zone in Mongolia back in 2019, but suffered difficulties regarding further expansion in Mongolia for two years due to logistics issues resulting from the Covid 19 pandemic. As restrictions loosened however, COINUP announced that it has opened up to 9 stores since January of this year. Furthermore, it plans to open the 15th store within this year, and is aiming for over a 100 stores in the capital Ulaanbaatar alone and 70 more around other regions by the year 2025.
Moreover, COINUP has been heavily active and involved in the global expansion of offline stores as well as the starting and running of online stores within the Metaverse. It is discussing the application of NFT technology with VINU Network, having the shared goal of creating a business where anyone in the world can own and manage stores transparently and easily.
VINU Network, an Ethereum-based real economy Metaverse linked to stores in the real world, is cultivating strategic alliances with global partners, starting with Alliance Laundry Systems, a global laundry equipment company and a partner of COINUP, and is in the talks with GS25, another partner of COINUP’s, in order to continuously expand the platform and its online/offline stores and increase the utility for users.
What is COINUP?
‘COINUP’ is a global company with over 30 years of experience in operating unmanned stores, with a great focus on unmanned franchise businesses. It specializes in fusing IOT, AI systems, and 5th generation kiosks into its services, and although it has its own equipment brands, it also sells commercial laundry equipment from LG and SAMSUNG Electronics. In addition, it is the official Korean distributor of ‘Speed Queen’, the top brand under ‘Alliance Laundry Systems’, which is the world’s leading laundry equipment company holding more than 40% of the global market. Find out more about COINUP: http://www.coinup.or.kr
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Image 1: COINUP Mongolia Store
A view of Laundry Zone’s 5th store-front
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