UPS, a huge logistics company is going to make an undisclosed equity investment in Inxeption, a US-based enterprise blockchain company. UPS’s investment arm made the decision to invest in the blockchain based firm.
Although, the logistics firm has not yet unveiled the sum of the investment. Also, Inxeption has shown reluctance to declare the scope of the deal. The fund invested by UPS will probably contribute to build new features for Inxeption’s platform.
In an announcement, Inxeption Corporation has confirmed the investment. Inxeption is a Blockchain based B2B Firm which functions to enhance various processes for businesses, including product design, manufacturing and supply chain management. On its website, it claims itself to be ‘an industrial-strength eCommerce platform, built on Blockchain.’ The company was established in 2017. Notably, it has created the first B2B blockchain-based e-commerce platform which records and digitizes product details.
Regarding the investment by UPS, Inxeption CEO and co-founder, Farzad Dibachi says in the press release that this collaboration represents the future of commerce. He adds, “Business customers need secure platforms that protect their customer data and proprietary information while making it easy for them to interact and even collaborate more effectively with their customers. We are thrilled to partner with UPS, the largest logistics provider in the world.”
He believes that the product developed by Inxeption is an e-commerce platform for the B2B market. Inxeption will connect with many other blockchain initiatives companies which are focussed on making complex corporate systems more transparent than they currently are.
Moreover, The CMO of UPS Kevin Warren has commented on the investment, “Inxeption’s technology is attractive to UPS because it helps unlock new efficiencies for customers using B2B e-commerce platforms. UPS creates alliances and partnerships to gain market knowledge and position the company as the shipper of choice in e-commerce.”
The supply chain is the system, which has invoked a lot of interest in blockchain developing firms. In last week, many blockchain-based supply chain projects have been announced. Some of them include cobalt supplies and food for the World Economic Forum (WEF) in Davos. With that, the announcement of association with Inxeption shows UPS’ positive perception for blockchain technology.