MIT founded startup Eximchain announced on Monday a new partnership with YOOsourcing, a platform that enables buyers to verify suppliers’ authenticity. Emimchain also revealed a new private testnet running on 250 machines across 16 global regions. The announcement follows Eximchain’s successful funding round last month where the organization raised USD 20 million from strategic contributors including INBlockchain, Hashed, and FBG Capital.
Founded at MIT in 2015, Eximchain (short for export import on blockchain) is building a digital blockchain platform to bring supply chains into the 21st century by reducing barriers, increasing coordination, and instilling trust in cross-border transactions.
The Eximchain private testnet is built using Quorum, the blockchain built for the financial sector that supports private smart contracts, and will be open to the public after the completion of scalable infrastructure testing for developing decentralized supply chain applications.
According to the company’s statement, the testnet breaks the convention of operating a small, localized set of devices that don’t support secure global scaling – instead, it’s run on a real, unsimulated blockchain infrastructure with live nodes in the US, Canada, Brazil, Ireland, Germany, France, Singapore, Japan, Australia, India, China, and the UK.
“We are really excited about the recent developments that Eximchain has achieved since completely our fundraising round,” stated Co-Founder and CEO of Eximchain Hope Liu. “Our partnership with YOOsourcing is strategic in that our customers will have a better understanding of how to choose suppliers, which ones are most credible and give them the best service; while our testnet shows the strength, scalability, and viability of the project.”
The YOOsourcing mobile app allows users to submit sourcing inquiries directly from a merchant’s profile and assign a rating to suppliers based on the quality and authenticity of their goods. The company said that the partnership enhances Eximchain’s in-development platform through increased coordination and reduced barriers, and claims that it will instill greater trust in cross-border transactions. Eximchain users will be able to monitor their shipping inquiries, promote new products, and grow their reputation as they buy and sell authentic, high-quality goods around the world.