MIT-Launched Startup Raises $20 Million for Offer Chain Blockchain

Eximchain, a supply-chain focused blockchain startup founded in 2015, has lifted $20 million from a group of investors.

Launched at the Massachusetts Institute of Technology’s media lab, the startup lifted the cash to continue on developing its own community blockchain – run by personal good contracts – to provide various methods for recording, transacting and distributing information for supply chain stakeholders.

The funding was led by FBG Capital, a major cryptocurrency hedge fund from China. Other contributors included INBlockchain, a blockchain funds agency founded by Li Xiaolai (a Chinese cryptocurrency activist), Hong Kong-dependent expense agency Kinetic Capital, and additional.

Eximchain explained it is really now going in direction of its token airdrop, which will see close to 1.5 million ERC20-dependent EXC tokens distributed to ID-confirmed contributors. EXC, according to the organization, can be even further converted to indigenous tokens on Eximchain’s own blockchain on the launch of its mainnet.

“Just after experimenting [with proofs of concept] on ethereum or personal blockchains, the company globe is on the lookout for technological methods that can be deployed promptly to solve authentic supply chain challenges”, explained Hope Liu, co-founder and CEO of Eximchain, in a assertion. “There is a enormous probable for blockchain know-how to revolutionize supply chain processes, and we are all thrilled to see the development that Eximchain will aid deliver to this business.”

The funding spherical will make the agency the most recent to sign up for the increasingly well known trend of issuing airdrops – through which corporations distribute tokens for no cost to interested functions, in its place of holding token profits in the latest climate of regulatory uncertainty.

Freight containers picture through Shutterstock

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