Yesterday, Hong Kong-based firm 300cubits
announced that it will suspend operations of its blockchain Booking Deposit Module for shipping. The system aimed to streamline the booking process in container shipping, preventing delays and overfilling of capacity. While it saw limited successes, 300cubits made the decision over regulatory concerns and apprehension amongst clients.
The blockchain-based platform boasted participants such as
Maersk,
Cosco, and CMA CGM. Its linked TEU token, a maritime digital asset, was distributed to over 100 shippers. However, 300cubits revealed yesterday that only around 200 containers had been booked through its system, rendering it no longer commercially viable.
“The lack of clarity in regulatory regimes surrounding digital currencies has proved to be the greatest hurdle in the 300cubits’ marketing efforts,” the announcement read. Indeed, businesses are uneasy about projects related to cryptocurrencies due to their perceived volatility and lack of guidelines.
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