Blockchain shipping tech firm CargoX raises $7mn in seven minutes in Initial Coin Offering

By James Henderson
The shipping technology start-up, CargoX, has raised $7mn in just seven minutes for its blockchain-based Bill of Lading platform. Its Initial Coin Offe...

The shipping technology start-up, CargoX, has raised $7mn in just seven minutes for its blockchain-based Bill of Lading platform.

Its Initial Coin Offering (ICO) was met with overwhelming support from micro-investors, and puts the company “on the fast track to disrupt the global logistics industry”, according to its CEO Stefan Kukman.

CargoX says it is building a blockchained Smart Bill of Lading solution to offer low-cost, safe and reliable transport of this value-carrying document, featuring securely integrated financial services and cryptocurrency payments for the entire logistics industry.

In a statement, the company claimed its blockchain-based Smart B/L that will replace outdated Bill of Lading paperwork. “International container shipping remains one of the least modernised sub-sectors,” it added.

“CargoX’s blockchainbased Smart B/L solution introduces the most advanced data sharing and encryption methods, boosting supply-chain security, while also eliminating billions in waste and environmental impact.”

It went on to say that its Smart Bill, the logistics industry could save up to $5bn a year and cutyup to 10 days off the time it takes to transport documents between shippers and receivers. CargoX’s solution is being built on top of the Ethereum blockchain platform. 

SEE ALSO:

By the end of Q2 CargoX will offer shippers and a global network of logistics companies access to the blockchain-based Smart B/L, allowing them to transfer bill of lading ownership in a secure and nearly real-time manner.

And, the company claims, Later this year, CargoX will enhance Smart B/L with a blockchain-based payments system that will allow users to transfer money in accordance with their smart contracts, immediately releasing payment when the buyer receives the goods (or vice versa).

This peer-to-peer accountability eliminates the need for banks and current letter of credit (L/C) procedures such as escrows, saving billions of dollars in outstanding payments at any given time and allowing companies to recoup their money instantly.

“CargoX was overwhelmed with demand for our CXO Tokens from over 10,000 contributors representing 95 different countries,” said Kukman.  

“While we had to stop the sale after the first 2,000 investors because we met our preset funding goals, there are thousands more looking to invest and that number is growing every day. That sort of enthusiasm reaffirms the viability of CargoX’s ecosystem, and we’re harnessing this momentum to revolutionise the way that supply chains operate.”

Share

Featured Articles

Deutsche Bahn to Sell DB Schenker to DSV in US$15.8bn Deal

DSV's agreement to buy DB Schenker from Deutsche Bahn forms part of its ambitious plans to create a global market leader in transport and logistics

P&SC LIVE: The Must-Attend Industry Event- 2 Weeks to Go

Join the leading global summit in London for a comprehensive exploration of procurement and supply chain innovations, strategies, and technologies

Uber Freight’s Bid to Advance End-to-End Logistics

Uber Freight's latest advancements include a strategic integration with Uber Direct, modular TMS functionality and flexible procurement software

INVERTO: Red Sea Crisis Forces Christmas Retail Rethink

Supply Chain Risk Management

Major Procurement & Supply Chain Speakers at P&SC LIVE

Digital Supply Chain

Major Procurement & Supply Chain Speakers at P&SC LIVE

Digital Supply Chain