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MIT-founded Eximchain raises $20 million USD to tackle blockchain-based supply chains

Supply-chain startup Eximchain has succeeded in raising some $20 million USD from investors to pioneer its public blockchain.

An early vote of confidence has empowered blockchain startup Eximchain to raise some $20 million USD in its pursuit of developing its own public blockchain that will provide solutions for recording and distributing data for supply chain stakeholders.

The startup, which was born in the Massachusetts Institute of Technology’s (MIT) media lab in 2015, has now enjoyed funding let by FBG Capital, INBlockchain, Kinetic Capital, and other investors.

The news marks a new phase of development for project, as Eximchain is now preparing to launch its token airdrop, wherein some 1.5 million ERC20-based tokens (under the ticker EXC) distributed to verified participants.

In a statement to the press, Eximchain co-founder and CEO Hope Liu offered that “After experimenting on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems… There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry.”

Excimchain is not alone in its ambitions to tackle blockchain-powered solutions for supply chain management; VeChain Thor recently announced a new partnership with luxury automotive manufacturer BMW in a move that will empower the latter’s bid to become an industry leader in terms of supply chain management for the automotive industry.

More broadly, Eximchain joins a recent trend of distributing its tokens through an airdrop rather than issue token sales. Given a climate of regulatory uncertainty in the US, video-streaming startup Stream recently elected to suspend its ICO until it had further indication as to whether its tokens would be considered securities.