Eximchain was established in 2015 at the Massachusetts Institute of Technology’s (MIT) media lab and is a supply-chain focused blockchain startup, which has managed to raise more than $20 million from a group of investors. Eximchain is basically an MIT-based software development company which uses blockchain to advance the SCF (supply chain financing).
Supply Chain Financing
SCF allows investors to fund an organization through its supply chain procedure by providing them further operating capital and functioning cash flow to upsurge its effectiveness and lessen risk. Companies that effectively succeeded this cash flow have reduced their inventory by almost 30%, heading to substantially lower working costs.
Even as a startup, it has managed to raise the funds to advance its own public blockchain which runs by private smart contracts, in order to offer multiple solutions for recording, executing and disseminating information for supply chain shareholders.
Who’s behind the funding?
One of the major cryptocurrency hedges from China, FBG Capital was behind the funding. There were also many other participants included such as;
- INBlockchain, which is a blockchain capital firm. It was founded by a Chinese cryptocurrency activist, Li Xiaolai.
- Kinetic Capital, which is a Hong Kong-based investment firm.
Now moving towards the token airdrop, Eximchain says that it will see approximately 1.5 million ERC20-based EXC tokens disseminated to contributors after verifying their identity. According to the company, EXC can be also transformed into the native tokens, on the blockchain of Eximchain itself.
Hope Liu’s Statement
Eximchain’s co-founder and CEO, Hope Liu stated;
“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.”
The funding is actually what makes the firm one of the latest ones to join the highly popular trend of distributing airdrops, through which firms allot tokens for free to the concerned parties, rather than holding token sales in the existing ambience of regulatory obscurity.