Shipping Tech Startup Raises USD 7 Mn in 7 Minutes for Blockchain-Based Bill of Lading Platform

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(Image Courtesy: My Total Retail)

Overwhelming support from micro-investors pushed CargoX’s initial coin offering (ICO) to USD 7 million in just over seven minutes, signalling strong demand for the company’s blockchain-based Bill of Lading platform. CargoX 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 nancial services and cryptocurrency payments for the entire logistics industry.

CargoX received a massive vote of confidence from contributors around the world, raising USD 7 million in just 7 minutes and 40 seconds on Tuesday, 23 January 2018 through an initial coin offering (ICO) crowdsale of its Ethereum-based CXO Tokens. The tokens are fully ERC20 compliant non-mineable utility tokens with a xed supply. The funding puts CargoX on the fast track to disrupt the global logistics industry with its blockchain-based Smart B/L that will replace outdated Bill of Lading paperwork.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. CargoX’s blockchain- based 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. Using CargoX’s Smart B/L logistics companies can save up to USD 5 billion per year and cut up 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. In a matter of weeks, CXO tokens will be accepted as a payment method for services provided by CargoX and partnering companies. With USD 7 million worth of CXO tokens already sold, there is clearly a strong demand for this disruptive logistics ecosystem.

CargoX is moving fast. 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.

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. While we had to stop the sale after the first 2,000 investors because we met our pre-set funding goals, there are thousands more looking to invest and that number is growing every day. That sort of enthusiasm re arms the viability of CargoX’s ecosystem, and we’re harnessing this momentum to revolutionise the way that supply chains operate,” CargoX’s founder and CEO Stefan Kukman said. “Our contributors’ trust in the CargoX ecosystem is a critical part of our success, and we’re committed to advancing our collective vision of building an industry-wide platform and widely accepted utility token. We’re using our contributors’ dollars to make CargoX an industry standard.”

“We’re giving shippers and logistics companies the tools to transact directly with each other, in real time. We’re taking the pain out of shipping transactions.” Kukman said.

Sea News, February 14