China cryptocurrency startup BOX is introducing supply chain financing services for corporate users with the help of Intel, Nasdaq and Baidu Cloud. In a press release issued Monday (Dec. 3), BOX announced the rollout of its BOX Ecosystem, a suite of new services for businesses from the crypto wallet company, at a launch event at the Shanghai Film Plaza. The BOX Ecosystem includes BoxVault, WalletMate and Bolaxy.
BoxVault is BOX’s updated version of the BOX Business Wallet, a non-custodial crypto wallet that can now support batch transfers and approvals. The solution also includes an application program interface (API), the company noted. Bolaxy is a supply chain finance solution, powered by blockchain to deploy a “Proof of Authority” algorithm for transparent and secure transactions. BOX did not offer details on its WalletMate solution.
Intel Director of Product Planning Zhiqiang Li said, “Intel will be able to provide our customers with the scalability and throughput required for their high-frequency and complex scenarios” via the partnership.
Baidu Cloud Director of Blockchain Product Yao Liu, meanwhile, said the company’s collaboration with BOX and Intel will “contribute to blockchain commercial expansion, especially in the field of enterprise security.” Baidu Cloud now lists the BOX ecosystem in its marketplace.
While a representative from Nasdaq was in attendance at the event to announce the launch of the BOX Ecosystem, BOX did not explain how Nasdaq will be working with the company.
“The financial supply chain is a trillion-dollar market, and the blockchain solution represented by the BOX Ecosystem will solve the pain point of high financing costs for [small business (SMBs)],” explained Yeeli Zheng, Nasdaq’s managing director and China chief representative, during her talk at the event.
Following the product demo at the event, BOX CEO and Founder Damo Shang noted that the company will continue to explore additional partnerships and collaborations moving forward to develop new blockchain applications.