Blockchain Firm Eximchain Raises $20M USD Led By FBG Capital
Blockchain startup Eximchain has raised $20 million in funding from a group of investors led by FBG Capital, a major cryptocurrency hedge fund from China. Other investors include INBlockchain, a blockchain capital firm founded by Li Xiaolai and Hong Kong-based investment firm Kenetic Capital.
Founded at the Massachusetts Institute of Technology’s media lab, Eximchain will use the funds to continue developing its blockchain platform that aims to improve supply chain financing (SCF). SCF enables investors to fund an organization throughout its supply chain process giving them more working capital and operating cash flow to increase efficiency and reduce risk.
Using smart contracts and a token system, Eximchain can expand the supplier-buyer-financier model and help buyers to gain visibility over the whole supply chain by interacting with upstream suppliers. The platform helps to automate the negotiation and contracting process through private communication channels. Both buyers and suppliers can stop wasting time on tracking the supply chain process flow manually and will, instead, be able to maintain an audit of the final agreed upon contract in real-time through Eximchain’s trustless network and secured protocol.
The company is now moving toward a token airdrop, which will see around 1.5 million ERC20-based EXC tokens distributed to ID-verified participants. EXC can be further converted to native tokens on Eximchain’s own blockchain upon the launch of its main blockchain. EXC will be used to pay network fees, validate state changes, and execute governance.
“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 Hope Liu, co-founder and CEO of Eximchain, 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.”
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