Eximchain, the $20 million blockchain project, announces closure.

Eximchain to halt platform development amid funding shortfall.

The Eximchain team will halt development of the platform due to a lack of funding.

Since 2015, Eximchain, founded at the Massachusetts Institute of Technology, has been working on a public blockchain for the logistics sector. In March 2018, the startup raised $20 million in funding. The round was led by a major Chinese hedge fund, FBG Capital.

The team said that shortly after the token sale, Ethereum’s price had halved and the amount raised fell short of the target.

Adoption of blockchain in logistics progressed more slowly than organizers had expected. A number of partners exited the agreement, declining to change strategy. The COVID-19 pandemic also had an additional impact.

“The entire Eximchain team did not take salaries in order to weather the crisis. COVID-19 forced us to economise resources and finances to the limit. We are disappointed that Eximchain was not able to realise what was intended,” the startup adds.

Eximchain will shut down the nodes and the blockchain explorer by November 6, after which it will cease to control the network. Official channels for contact will close by November 13.

Earlier, due to coronavirus-related restrictions, in Berlin closed the Room 77 bar, which had accepted bitcoins since 2011.

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