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TEU cryptocurrency gets Coopernic Group boost

300cubits’ roll out of its TEU cryptocurrency for the shipping industry has received a boost with the news that members of Coopernic Group, a strategic buying alliance from Europe, have confirmed their participation in the project by joining the Shipper Sign-Up Scheme for the new crypto tokens.

{mprestriction ids="1,2"}Coopernic Group is a strategic alliance of independent retail companies with a combined presence in 21 countries. As such, improving efficiency and transparency in container shipping is a source of potentially significant benefit to the group’s participants.

“We and some members of the Coopernic Group are of course interested in constantly optimising the supply chain,” said Stefan Blickensdörfer, managing director of SRTS Europe, a logistics management company based in Düsseldorf and a Coopernic Group partner.

“Among other things, this includes minimising the high number of no-shows on the part of the shippers and roll-over on the part of the shipping companies. Against this background, the innovative system of 300cubits is interesting for us as a network.”

300cubits wants its TEU tokens to be used as a hedge against missed bookings in the container shipping market, providing collateral as a deposit when making a booking that will be forfeit if either party does not meet their obligations under the agreement.

The cryptocurrency is being initially offered for free to major stakeholders in the sector, with 300cubits currently inviting container shipping companies to register to receive their allocation of tokens, the size of which will partly be based on market share and revenue.{/mprestriction}

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