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LVMH CEO Dismisses Reports of Involvement in Cryptocurrency Trading Firm Set Up

Louis Vuitton SE CEO Bernard Arnault has dismissed reports that he is involved in the establishment of a new cryptocurrency trading firm in Brussels. 

Report from De Tijd

A report recently published on Belgian newspaper De Tijd stated that Arnault is a co-founder of Belgian crypto trade company Abesix Belgique. The publication later updated the article to include the statement that the 70-year-old businessman has formally denied the allegations. 

Based on the De Tijd article, Abesix would reportedly be trading in six main digital currencies – Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC), and XRP. It also mentioned that Emmanuel Wouters, a young entrepreneur from Brussels, was also connected to the development of Abesix. 

Abesix Belgique has refused to divulge more details about the matter to the publication. 

Arnault might not be involved in Abesix but he is no stranger to blockchain technology. Luxury-goods company Moet Hennessy Louis Vuitton SE, also known as LVMH, has partnered up with Microsoft Azure and blockchain company ConsenSys to develop a blockchain-powered platform that will track its products. 

Aura

The blockchain system, dubbed Aura, was set to go live on subsidiaries Parfums Christian Dior and Louis Vuitton in May or June 2019. The platform is tasked with proving the authenticity of LVMH products. It would also track the items’ origins and down to the point of sale.

Arnault is considered as the fourth richest man in the world and France’s wealthiest individual. The Bloomberg Billionaires Index has estimated his net worth to be around $96.6 billion. Arnault is currently the CEO and chairman of luxury-goods company LVMH. 

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