300cubits has now suspended the operations of its blockchain-based booking module as well as the circulation of its TEU tokens.
What is 300cubits?
300cubits had introduced the idea for a blockchain-based shipping module around two years ago. The project increases the efficiency of the shipping industry by utilizing blockchain technology to oversee the operations. The company had created TEU tokens on the Ethereum blockchain to be used as a financial medium for the network.
However, it wasn’t until March 2018 that the company started accepting trial shipments while live production was launched in July 2018.
The company claims that the TEU tokens are one of the most recognized digital assets in the ecosystem. Regardless, TEU tokens saw little trade volume as only a few hundred containers used the system. This caused the project to become unsuccessful.
The greatest hindering in the marketing faced by the company would be the uncertainty of regulatory agencies towards digital assets. This caused many people to back off from the project. In fact, a partnership with the well-esteemed ocean trading platform INTTRA was called off at the last minute due to the same reason.
Since the operations have been suspended, the company will burn 75 percent of the TEU tokens. Furthermore, the company will be burning more tokens as they circulate back.
Despite all that, the company claims that the project was not a total failure as it piqued the interest of numerous major industry players. The project saw participation by many major shipping liners including Sealand of Maersk Group, CMA CGM, and Cosco.