CargoX, a startup developing a blockchain smart bill of lading platform, has managed to raise $7m in just over seven minutes in an initial coin offering of its Ethereum-based CXO Tokens.
“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CargoX on the fast track to disrupt the global logistics industry with its blockchain-based Smart B/L that will replace outdated Bill of Lading paperwork,” the company said in a release.
CargoX claims logistics companies can save up to $5bn a year by using its new bill of lading platform.
By the end of the second quarter this year CargoX will offer shippers and a global network of logistics companies access to the blockchain-based smart bill of lading.
CargoX will then enhance its platform 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.
“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 reaffirms 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.
CargoX is about to announce its first trial shipment, to be conducted in cooperation with one of the top 10 NVOCCs in the world, featuring a live test carrying a container shipment from Asia to Europe.
“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.