300cubits, the Hong Kong startup behind the container crpto currency TEU, is exploring a new blockchain initiative.
“We have been exploring the opportunity to develop another blookchain product, leveraging on our presence in the shipping industry,” the company revealed in an update. 300cubits said it is looking at corridor specific opportunities where governments and banks at both ends of the corridor would be interested in investing in a fully digital documentation channel.
Co-founder Johnson Leung would not be drawn on specifics when contacted by Splash today, saying the new product was being developed in collaboration with the company’s partners and more would be revealed soon.
300cubits was launched in August 2017. During 2018 around a dozen shippers made transactions through its blockchain booking system.
Going into 2019, the company will release its Booking Deposit Module 2.0.
“Use of crypto currency is still a novel idea for the shipping industry, which will require continuous marketing efforts to achieve commercial adoption,” the company admitted in an update.