Storiqa

About Storiqa

Storiqa was established in 2016 as a decentralized e-commerce marketplace aiming to connect small and medium-sized enterprises with a global customer base. The company was founded by Evgeniy Popov, Ivan Golenko, Ruslan Tugushev, Andrian Galkin, and Evgeny Gavrilin. Ruslan Tugushev, who served as CEO, brought experience from co-founding Boomstarter, a Russian crowdfunding platform, which informed Storiqa's mission to address challenges in the digital market. Andrian Galkin also had a background in creating physical products, such as wirelessly charging tables, which he sold on platforms like Amazon and eBay, giving him firsthand insight into the problems of e-commerce.

The venture's primary capital came from an Initial Coin Offering (ICO) that concluded in January 2018, successfully raising $25 million. This funding was intended to support the launch and development of its platform. The project, registered in Switzerland, was built on the Ethereum blockchain and centered around its own cryptocurrency, the STQ token. The platform's business model focused on creating an accessible e-commerce solution where sellers could set up an online store in under an hour. Revenue was intended to be generated through low transaction fees, facilitated by the use of blockchain technology to eliminate intermediaries.

Storiqa's platform allowed sellers to create their own storefronts and offered a suite of integrated tools for sales analysis, customer feedback, bookkeeping, and advertising. A key feature was the use of smart contracts to ensure that funds were only released to the seller after the buyer confirmed delivery of the goods. The marketplace was designed to accept both fiat and cryptocurrencies, including its native STQ token, Bitcoin, and Ethereum, with an integrated payment system and automatic currency conversion. For buyers, the platform promised a secure transaction environment and a transparent review system to combat fake reviews. However, by late 2019, reports emerged that the company had gone bankrupt and ceased operations, with another project reportedly taking over its community.