TEU — the crypto currency that propels ships
On 1 August 2017, 300cubits announced that it will conduct its Initial Token Sale (ITS/ICO) of TEU as from 16 August 2017.
300cubits is a blockchain initiative relieving the pain points of the container shipping industry through the creation of a crypto currency called TEU and integration of industry process with Ethereum, a blockchain that features smart contracts and carries $23bn growing worth of currencies/tokens as of today. Container shipping industry is a $150bn industry in constant distress since 2008.
Founders of 300cubits stated, “To start, we will promote TEU tokens as the deposit for the shipment booking process, which creates $23bn annual wastage today. Unlike ticket booking in airlines, customers in container shipping do not bear any consequence for not showing up for bookings. Industry people complain the lack of trust between liners and customers. We think the trust-free nature of Ethereum is just the solution container shipping needs. A TEU Ecosystem will be developed to help seamlessly implement TEU tokens into the daily operation of the industry.
Going forward, TEU tokens could also provide better foresight and a hedging tool to tackle the volatility of the container shipping cycle. We see TEU tokens could become the de facto crypto currency for the container shipping industry.”
About the Company
300cubits is a project initiated by ETH Smart Contract Tech Limited (ESCoT). ESCoT was founded in Hong Kong by Johnson Leung and Jonathan Lee, two university school friends who have teamed up in late 2016 to seek technological solutions for pain points experienced during their respective careers.
About the Founders
Johnson Leung. Johnson came with 20 years’ experience split between shipping and investment banking.
Jonathan Lee, CFA. Jonathan Lee is a Banking and Finance professional well versed in fiat currencies, programming and system / organization build-up.
Hong Kong 1 August 2017