Eximchain, a blockchain-based platform developed in the Massachusetts Institute of Technology’s media lab, has raised $20 million for its supply chain financing solution.
Reports in BlockTribune on Monday (March 19) said Eximchain raised the investment from China-based cryptocurrency hedge fund FBG Capital. INBlockchain and Kenetic Capital also participated, reports said.
Eximchain uses blockchain to facilitate supply chain financing via smart contracts and a token system. The technology aims to increase transparency over the supply chain and facilitate communication between buyers and their suppliers while automating supply chain financing processes like contracting and negotiation.
Following the investment, Eximchain said it’s readying for its token airdrop, which aims to provide 1.5 million EXC tokens that can be converted to native tokens on the company’s blockchain when it launches.
“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,” said Eximchain Co-Founder and CEO Hope Liu in a statement. “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.”
Supply chain finance and management are some of the largest targets of blockchain innovators today.
Earlier this month, bBiller spoke with PYMNTS about its own supply chain solution that uses blockchain and smart contracts to enhance transparency and efficiency of B2B transactions, for instance. IBM has similarly experimented with blockchain-based supply chain solutions.
Last year, Chain Business Insights released a report that found more than a third of supply chain executives already have blockchain-based technologies in their own systems, and a quarter said they’re at least knowledgeable about the technology. Supply chain executives most often cited the ability to track product movement through supply chains as a top benefit of blockchain, while communication and data sharing with suppliers, as well as payment information tracking, were also commonly cited focuses.