CargoX raises $7m from ICO for block chain Bill of Lading platform

Shipping tech start-up CargoX has raised $7m through an initial coin offering (ICO) to develop its block chain based Bill of Lading platform.

CargoX is aiming to produce a secure, electronic version of the Bill of Lading to replace the outdated paper version used by the global shipping industry. The company claims that by using its Smart B/L logistics companies can save $5bn a year and by 10 days the time it takes to transport documents between shippers and receivers.

The platform attracted strong investor interest via ICO crowdsale of Ethereum-based CXO tokens. Cargo X said the tokens wete fully ERC20 compliant non-mineable utility tokens with a fixed supply.

The ICO held on Tuesday raised $7m in just 7 minutes and 40 seconds. The CargoX solution is being built on the Ethereum block chain platform and the CXO tokens will be accepted as a method of payment by the company and partners.

“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,” said CargoX’s founder and ceo Stefan Kukman.

“Our contributors’ trust in the CargoX ecosystem is a critical part of our success, and we’re committed
to advancing our collective vision of building an industry-wide platform and widely accepted utility token. We’re using our contributors’ dollars to make CargoX an industry standard.”

Posted 14 February 2018

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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