Blockchain supply chain solutions provider Eximchain gets $20m in the fundraising round

20 March 2018

Eximchain Eximchain (EXC), a new blockchain-based project developed by the lab in the Massachusetts Institute of Technology and planning its upcoming crowdsale of tokens, announced that it has successfully raised $20 million for its supply chain financial solution during the fundraising round led by FBG Capital, a Chinese cryptocurrency hedge fund.

According to the official statement the fundraising round was also joined by INBlockchain, a blockchain capital startup founded by Li Xiaolai, and Kenetic Capital, a Hong Kong-based investment firm.

Eximchain is a startup developing supply chain financial solutions based on the blockchain technology aimed at streamlining the interaction between the buyers and the vendors using smart contracts and a token system, additionally ensuring automation of supply chain processes, including contracting and negotiation.

Eximchain reported that after the fundraising round it plans to launch token airdrop, when it will provide about 1.5 million EXC tokens with the possibility to be converted into native tokens on the blockchain of the startup when its business starts full operation.

Hope Liu, CEO and co-founder of Eximchain, noted in the press-release that following the experiments with the proof of concept using Ethereum platform or other private blockchains, businesses are seeking to use new solutions with immediate adoption to solve an array of actual supply chain issues, and the blockchain has a potential to improve the overall supply chain process, with Eximchain leading the way.

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