Shipping startup 300 cubits
Shipping Startup 300 Cubits to Suspend its Blockchain Operations
October 2, 2019
Shipping startup 300 cubits
Shipping Startup 300 Cubits to Suspend its Blockchain Operations
October 2, 2019

Blockchain shipping startup 300cubits has suspended the operations of its booking module and the circulation of its TEU token.

On September 30, it has been reported by The Maritime Executive, an industry news outlet that the Hong Kong-based company is believed to be one of the first firms to apply blockchain technologies in shipping.

Low transaction volume

As per the report, 300cubits’ system started accepting trial shipments in March 2018 and was launched into live production in July 2018. It is also affirmed that its TEU tokens are still one of the more recognized digital assets in maritime space.

Still, low transaction volume with only a couple hundred containers using the system made the operation unproductive.

However, the greatest marketing obstruction for the company was reportedly the lack of clarity from regulators concerning crypto assets, which pushed users away. A partnership with major ocean trade platform INTTRA was called off at the last moment because of this.

As the system has been suspended, 300cubits are going to burn 75% of its TEU tokens, which have not been sold yet, and will burn more in the future as they circulate back. Still, the company points out in a statement that the project has seen interest from major industry players:

“The positives are that the system has had participation from the largest shipping liners e.g. Sealand of Maersk Group, CMA CGM, MSC, and Cosco, while the 300cubits have gone the length in its discussions with the rest of the top 10 container liners about running trial shipments on the system. More than a dozen shippers e.g. Li & Fung Logistics, BASF, JF Hillebrand, Esprit, Mitsui Chemical, REWE etc have tried the system.”

Likewise, it has also been reported by Cointelegraph that  Vakt, a blockchain-based post-trade platform for commodities, has signed a memorandum of understanding with essDOCS, a firm that develops paperless trade solutions, to put European shipping on the blockchain.

ALSO READ :  Oman's Largest Port Joins Blockchain Shipping Platform TradeLens

Source: Cointelegraph and The Maritime Executive


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin car, the car branded with the Bitcoin logo, will be racing in circles against 32 others in this month’s Indianapolis 500. It has been reported by Jack Mallers, the CEO of Zap, that US racing driver Ed...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.