Home
Why The CargoX Platform
Videos
Login Register
Menu

Shipping Tech Startup (CargoX) Raises USD 7 Million in 7 Minutes

Jan. 23, 2018, 10:44 a.m.

Ljubljana/Hong Kong - 14 February 2018 – Overwhelming support from micro-investors pushed CargoX’s initial coin offering (ICO) to $7 million in just over seven minutes, signalling strong demand for the company’s blockchain-based Bill of Lading platform. CargoX is building a blockchained Smart Bill of Lading solution to offer low-cost, safe and reliable transport of this value-carrying document, featuring securely integrated financial services and cryptocurrency payments for the entire logistics industry.

CargoX received a massive vote of confidence from contributors around the world, raising $7 million in just 7 minutes and 40 seconds on Tuesday, 23 January 2018 through an initial coin offering (ICO) crowdsale of its Ethereum-based CXO Tokens. The tokens are fully ERC20 compliant non-mineable utility tokens with a fixed supply. The funding puts CargoX on the fast track to disrupt the global logistics industry with its blockchain-based Smart B/L that will replace outdated Bill of Lading paperwork.

International container shipping remains one of the least modernised sub-sectors. CargoX’s blockchain-based Smart B/L solution introduces the most advanced data sharing and encryption methods, boosting supply-chain security, while also eliminating billions in waste and environmental impact. Using CargoX’s Smart B/L logistics companies can save up to $5 billion per year and cut up to 10 days off the time it takes to transport documents between shippers and receivers.

CargoX’s solution is being built on top of the Ethereum blockchain platform. In a matter of weeks, CXO tokens will be accepted as a payment method for services provided by CargoX and partnering companies. With $7 million worth of CXO tokens already sold, there is clearly a strong demand for this disruptive logistics ecosystem.

CargoX is moving fast. By the end of Q2 CargoX will offer shippers and a global network of logistics companies access to the blockchain-based Smart B/L, allowing them to transfer bill of lading ownership in a secure and nearly real-time manner.

Later this year, CargoX will enhance Smart B/L with a blockchain-based payments system that will allow users to transfer money in accordance with their smart contracts, immediately releasing payment when the buyer receives the goods (or vice versa). This peer-to-peer accountability eliminates the need for banks and current letter of credit (L/C) procedures such as escrows, saving billions of dollars’ in outstanding payments at any given time and allowing companies to recoup their money instantly.

“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. That sort of enthusiasm reaffirms the viability of CargoX’s ecosystem, and we’re harnessing this momentum to revolutionise the way that supply chains operate,” CargoX’s founder and CEO Stefan Kukman said. “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.”

“We’re giving shippers and logistics companies the tools to transact directly with each other, in real time. We’re taking the pain out of shipping transactions.” Kukman said.

CargoX is looking for partners. CargoX is also using the ICO to reach out to industry partners and first-movers who want to use its low-cost, fast and reliable Smart B/L blockchain transfer and handover. “We consider our partners as amplifiers of our ambition, and they are the ones who will receive strong options packages for joining, to build this business into a major successful company in the long run,” Kukman said.

What’s next? “We are about to announce the first trial shipment, to be conducted in cooperation with one of the top 10 NVOCCs in the world, featuring a live test carrying a container shipment from Asia to Europe,” Kukman said.

About CargoX.io’s ICO Crowdsale

  • ICO hard-cap: USD 7,000,000

  • ICO sale time: 7 minutes 40 seconds

  • Contributors: 2,000 contributors from 95 different countries participated in the CargoX crowdsale; average investment 3.5ETH

Whitepaper

The project roadmap, details of its operation, are laid out in the CargoX White Paper.

Let’s talk

CargoX is at the heart of one of the most important developments in logistics and across the global economy. We’d like to put you in touch with Stefan Kukman, CargoX’s founder and CEO to talk more about how blockchain is about to revolutionise supply chains/the shipping industry.

To get the ball rolling, please contact Charlie Pesti, [email protected] or at +1 267 439 4355.

CargoX press manager

Simon Ručigaj
+386 51 378 888
[email protected]

Other press releases

CargoX CXO token pairs available on CoinTiger Exchange
12 Dec 2018
The CXO/ETH and CXO/USDT token exchange pairs will be available on the CoinTiger exchange as of Thursday, 13 December 2018, 16:00 UTC+8.
CargoX partners with Global Cargo Alliance
10 Dec 2018
CargoX has partnered with the Global Cargo Alliance, a secure business platform, where trusted and qualified independent freight forwarders can work to create mutually beneficial business relationships.
CargoX Monthly Review - November
5 Dec 2018
November was a breakthrough month for the CargoX platform - it was deployed to the Ethereum Network and the internet in its final form, and it is now live! We were awarded for our work, and we received a lot of attention.
CargoX enters into partnership with ConsolFreight, an advanced collaborative cargo consolidation platform
4 Dec 2018
CargoX partners with ConsolFreight, a platform for cargo consolidators and co-loaders that interconnects them to slash costs and transit times, as the combined traffic of all members together contributes to the collective savings.
CargoX at the CryptoFinance conference
3 Dec 2018
CargoX visited CryptoFinance, Norway’s largest blockchain event, organized by Bitspace, a technology company that specializes in blockchain and exponential technology.
CargoX presented at the OceanX Network platform launch
29 Nov 2018
The OceanX Network was officially launched at the Ritz-Carlton hotel in Dubai, UAE, accompanied by the CargoX platform. CargoX and OceanX Network partnered in July 2018 to set new standards of excellence in the shipping trade.
CargoX wins the #DataccioConnect Blockchain Innovation Award in Dubai
22 Nov 2018
(Dubai - 21 November 2018) - CargoX wins the #DataccioConnect Blockchain Innovation Award at the Dataccio Connect congress in Dubai, where maritime business traditionalists and enthusiasts discuss the latest trends in technology.
CargoX at the NY Supply Chain Meetup - The world is a supply chain
19 Nov 2018
The CargoX platform was presented at the New York Supply Chain Meetup, a public group consisting of nearly 1,500 members who make up a part of The Worldwide Supply Chain Federation.
The CargoX neutral platform presented at the TOC Americas conference to digitalization aware audience
19 Nov 2018
The CargoX platform was presented to hundreds of attendants at the prestigious TOC Americas conference in Panama, where the conversation focused on the challenges and realities of the transforming the shipping landscape.
Financial Times/RSG shortlisted Cargox at 2018 Intelligent Business Awards
15 Nov 2018
CargoX was shortlisted at the Financial Times/RSG 2018 Intelligent Business Awards. The awards ceremony was held at the 2018 Intelligent Business Forum in San Francisco on November 14th.

Your free demo session with our experts

Please fill out the form below, and we will get back to you as soon as possible.

Trying to download the logo?

We have a better idea! Find high quality visuals in our press kit section.

Visit press kit