21st & 22nd of May
Maribor, Slovenia
Thursday, January 25, 2018

CargoX to seven million dollars in minutes by issuing crypto tokens!

The CargoX team, led by last year's Slovenian start-up of the year finalist Stefan Kukman (the award given each year at the PODIM conference), started the public sale of tokens last week and reached its hard cap of seven million dollars of fresh capital for the development of a smart cargo paper on the basis of blockchain technology in seven minutes!
As reported by the newspaper Finance, the CXO token of CargoX was bought by more than 2000 investors from around the world. Due to a high demand, they could have sold much more tokens, however, they set their hard cap at seven million dollars. They estimate that this much is needed for the development of the solution and starting up the company.

What are they developing in CargoX?
The main idea is the development of a smart cargo paper on the basis of blockchain technology with which they want to change the logistics industry. A cargo paper is one of the most important documents in international trade, as it is also a proof of ownership of cargo. Now they have to send cargo papers around the world via couriers, which is expensive and time-consuming, but at the same time also risky because of the chance of theft or destruction.

Total costs of publishing and sending: five billion dollars
Each year the logistic industry publishes more than 50 million cargo papers, the costs of which are 35 dollars per cargo paper, followed by a cost of sending between 100 - 180 dollars. The total costs of publishing and sending cargo papers is estimated to be five billion dollars. CargoX wants to replace cargo papers with smart contracts based on the blockchain technology.
Štefan Kukman used to work for the logistical multinational company Kuehne + Nagel for a number of years, before starting the start-up 45HC, a platform for a simple shipping of containers around the world, two years ago. 45HC was also a finalist of the Slovenian start-up of the year at the PODIM2016 conference.
The whole article (in Slovene) can be found here!