News / TEU tokens – first cryptocurrency for container shipping is launched

© Binkski

Container shipping could see the first widespread use of a cryptocurrency this week.

Hong Kong-based blockchain developer ETH Smart Contract Tech will tomorrow start handing out its bespoke TEU tokens to shippers, forwarders and 3PLs under its 300cubits project.

The company will release some 20m TEU tokens, “custom-designed as digital shipping booking deposits, using smart contract blockchain technology, to solve the no-show and rolling problems plaguing the container shipping industry”, to container line customers for free – but on a first-come-first basis.

Interested shippers and forwarders ...