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CargoX on the fast track to disrupt the global logistics industry with its blockchain-based Smart B/L that will replace outdated Bill of Lading paperwork.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

First In The World: CargoX’s Blockchain Platform Is Open for Business
14 Nov 2018
(Ljubljana, Hong Kong - 14 November 2018) - CargoX is launching the CargoX platform today to become the first open, neutral, and accessible blockchain platform in the shipping industry. The platform can be used by businesses of any size, and it was recently selected as the winning innovation at the IRU World Congress among 77 startups after a presentation in front of over 1000 attendees from more than 60 countries. CargoX was also shortlisted at the Financial Times 2018 Intelligent Business Awards.
Financial Times/RSG shortlists Cargox at 2018 Intelligent Business Awards
13 Nov 2018
CargoX is shortlisted at the Financial Times/RSG 2018 Intelligent Business Awards. The awards ceremony will be held at the 2018 Intelligent Business Forum in San Francisco on November 14th.
CargoX Monthly Review - October
13 Nov 2018
October was so intense, with all the preparations for the go-live of the CargoX platform, that we almost forgot to send this monthly review! So, here is November … we are in the middle of it, but we feel that the big bang is coming!
CargoX wins the IRU World Congress Startup competition among 77 competitors
8 Nov 2018
CargoX wins the IRU World Congress Startup competition among 77 competitors, 1000+ attendees from 60+ countries in Muscat, Oman.
The CargoX open platform showcased with full functionality at JOC Logistics Technology conference in Las Vegas
1 Nov 2018
The CargoX platform was presented at the JOC Logistics Technology conference in Las Vegas by Patrick Vlačič, CargoX’s maritime legal expert, on stage with Andrew McLoone, director of operations at BDP International.
CargoX Smart B/L™ showcased at FreightCamp freight forwarders conference, organised by the Pangea Logistics Network and Connecta Airfreight Network
23 Oct 2018
The CargoX Smart B/L™ solution was showcased at Freightcamp, a Pangea and Connecta global networks meeting, to more than 400 members of both networks.
CargoX partners with Sprint International Express consolidated shipping company
18 Oct 2018
CargoX, the provider of the Smart B/L™ based on the CargoX blockchain document transaction system (BDTS), partnered with Sprint international Express, a comprehensive cargo and logistics provider, to provide Smart B/L™ services to their customers.
CargoX ist ein Berliner
11 Oct 2018
We are opening a representative office in Berlin, the economic heart of Germany. Implementation projects for that region will be managed from this office.
CargoX leading blockchain provider at the Smart Ports & Supply Chain Technologies conference
10 Oct 2018
Igor Jakomin, COO of CargoX, presented the CargoX Smart B/L™ at the Smart Ports & Supply Chain Technologies conference, held by the cargo industry’s leading journal, Port Technology, in Europe’s premier port city of Rotterdam on October 2-3.
CargoX Monthly Review - September
4 Oct 2018
September was the month CargoX was waiting for. After working tirelessly it’s all systems go for launch - the Smart B/L™ solution is almost ready for any company that wants to start using it. Our engineers have fixed bugs and reviewed the software code, and our numerous partners have been testing the solution and providing feedback.

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