Bitcoin, Cryptocurrency And Blockchain News

Blockchain Development Heats Up: Eximchain Raises $20 Million


Eximchain, a revolutionary supply chain focused blockchain startup that was set upin 2015, has managed to raise $20 million from investors. The startup that was founded in the media lab at the Massachusetts Institute of Technology raised the funds to help in the development of its blockchain. This is driven by private smart contracts and its provides different solutions for transacting, recording and distribution of data for the benefit of supply chain stakeholders.

Notable Investment Firms in Participation

The funding drive saw FBG capital, one of the most notable crypto hedge funds in China, act as lead investor. There were, however, many other participants that include INBlockchain, under the leadership of LiXiaolai, a crypto activist in China. Kinetic Capital, a Hong Kong-based investment firm, also took part in the funds drive.

Airdrop on the Way

As a result of this development, Eximchain is optimistic of better days ahead and says it is edging towards its token airdrop. This will see about 1.5 million ERC-20-based EXC tokens provided to all participants with their IDs verified. According to the company, EXC can still be transformed to native tokens on Eximchain’s own blockchain after launching its mainnet.

According to Hope Liu, Eximchain’s CEO and co-founder, real supply chain problems can be dealt with much faster only if the right technology is used. He says:

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. 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.

Popular Trend

Issuing airdrops seem to be the ‘in thing’ right now and with this funding in place, Eximchain joins a host of other firms that have jumped on the bandwagon. Through this move, firms can now make free distribution of tokens to all interested parties rather than holding the sale of tokens, in the current uncertain regulatory climate.

What do you thing about Eximchain’s move to raise $20 million from investors? Is it for a good cause? Let us know your views in the comments section below.