Eximchain, a supply-chain focused blockchain startup founded in 2015, has raised $20 million from a group of investors.
Founded at the Massachusetts Institute of Technology's media lab, the startup raised the funds to continue developing its own public blockchain – powered by private smart contracts – to provide different solutions for recording, transacting and distributing data for supply chain stakeholders.
The funding was led by FBG Capital, a major cryptocurrency hedge fund from China. Other participants included INBlockchain, a blockchain capital firm founded by Li Xiaolai (a Chinese cryptocurrency activist) and Hong Kong-based investment firm Kenetic Capital.
Eximchain said it's now moving toward a token airdrop, which will see around 1.5 million ERC20-based EXC tokens distributed to ID-verified participants.
EXC, according to the company, can be further converted to native tokens on Eximchain's own blockchain upon the launch of its main blockchain.
“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.
The funding round makes the firm the latest to join the increasingly popular trend of issuing airdrops – via which firms distribute tokens for free to interested parties, instead of holding token sales or initial coin offerings.