Singapore based
Eximchain started life in Massachusetts Institute of Technology’s media lab, where CEO Hope Liu was completing an MBA. Crunchbase confirmed today that the supply chain company closed a $20m round of funding from FBG Capital, Kinetic Capital, and INBlockchain. The financiers are all based in China and Hong Kong.
The company had initially planned an ICO which has now been shelved and instead is proposing a free ‘airdrop’ of tokens to potential partners. This continues a recent trend of companies abandoning public ICOs in favor of professional investors.
Development of the blockchain started in 2015, and the focus is on Supply Chain Finance (SCF). While at MIT the venture signed up nine businesses to participate in a proof of concept.
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