MIT-Founded Startup Raises $20 Million for Supply Chain Blockchain
Eximchain, a supply-chain focused blockchain startup founded in 2015, has raised $20 million from a group of investors.
Founded at the Massachusetts Institute of Technology's media lab, the startup raised the funds to continue developing its own public blockchain - powered by private smart contracts - to provide different solutions for recording, transacting and distributing data for supply chain stakeholders.
The funding was led by FBG Capital, a major cryptocurrency hedge fund from China. Other participants included INBlockchain, a blockchain capital firm founded by Li Xiaolai (a Chinese cryptocurrency activist), Hong Kong-based investment firm Kinetic Capital, and more.
Eximchain said it's now moving towards its token airdrop, which will see around 1.5 million ERC20-based EXC tokens distributed to ID-verified participants. EXC, according to the company, can be further converted to native tokens on Eximchain's own blockchain upon the launch of its mainnet.
"After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems", said Hope Liu, co-founder and CEO of Eximchain, in a statement. "There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry."
The funding round makes the firm the latest to join the increasingly popular trend of issuing airdrops - via which firms distribute tokens for free to interested parties, instead of holding token sales in the current climate of regulatory uncertainty.
Freight containers image via Shutterstock