TruckCoinSwap to Launch Fast Free Supply Chain Crypto Settlements at FreightWaves’ Conference
In 2010, a man from Florida exchanged 10,000 Bitcoin (BTC) for two pizzas. This was big news, establishing a value for BTC at $0.0041. Just 12 years later, the same symbols are valued at around $200 million. Today, November 2, TruckCoinSwap’s new digital asset on the Polygon network, the TCS token, will be exchanged for a freight receiver in a live demo at the FreightWaves F3: Future of Freight conference. While the future value of the TCS token is unknown, one variable is certain: TCS is starting its journey in a US truck settlement niche that exceeds $50 billion a year in transaction volume.
In the US, more than one million trucking companies and third-party logistics companies (3PLs) rely on banks and factoring companies to get paid. Trucking companies are typically charged 3% of the gross on each invoice – an interest rate of 20-25% annually over the term; these banking entities take up to 90% of the net income on each charge. Why? Because most carriers cannot wait the industry standard 30-180 days to be paid directly by shippers. They need cash now to cover operating costs, and they are forced to incur interest on loans to get that cash advance.
Chief technology officer Jake Centner sums up the problem well: “The costs of milk and eggs don’t just go up because of inflation. Banks and factoring companies make it more expensive for truckers and 3PLs to operate. The very best use case for blockchain technology and digital assets is to disintermediate these types of financial problems in industry. Using the TruckCoinSwap mobile and web apps – and the TCS token – trucking companies can now receive free invoice settlement and get paid faster. TruckCoinSwap is helping to write a new chapter in blockchain and Web3.
TruckCoinSwap launched the TCS token on the CrossTowers crypto exchange in late September 2022 at the University of Wyoming’s Blockchain Stampede conference. This was no accident – TruckCoinSwap’s headquarters are located next to the university and staffed by several former members of the university’s Advanced Blockchain Lab. The lab’s current director, Steve Lupien, an advisor to TruckCoinSwap, is elated “the problem of usurious invoice factor was solved in Laramie and ‘Made in Wyoming.’
TruckCoinSwap CEO and founder Todd Ziegler is a decade-long c-suite from the 3PL side of the trucking sector and understands the issues well. “The carriers TruckCoinSwap supports represent 90% of the available full cargo capacity on any given day in America. Without them, the shelves of every retailer and grocer would be empty within a week, and the country would be in anarchy.”
“These small businesses are among the heroes of the COVID pandemic, and represent the backbone of the entire American economy. Instead of treating these companies as a national security interest, lawmakers and lobbyists have allowed big banks, tort lawyers and middlemen to exploit these heroes for decades . And the settlement finance fees act as a silent tax on everything we buy – on top of 8-20% annual inflation. A free settlement solution in transportation is long overdue, and TruckCoinSwap delivers.”
When asked about the volatility of digital assets, Commercial Director and Lead Developer Philip Schlump shared: “Carriers and 3PLs need to get liquidity, so they need to sell the TCS token. Drivers must fill their rigs and get to the next load. They don’t invest in crypto, so TruckCoinSwap has built the tokenomics model around that need. If TruckCoinSwap needs to buy the TCS token on the other side of a swap transaction, it will do so. In fact, TruckCoinSwap will become the largest single buyer over time.” Schlump’s perspective is invaluable, as a 30-year veteran of technology and cybersecurity, a former member of the University of Wyoming’s Advanced Blockchain Lab, and a former truck driver.
After the November 2nd live demo – streamed by FreightWaves at 10:15 AM Eastern Time – the TruckCoinSwap team will focus on spreading the word about the blockchain solution, gaining access to digital asset exchanges such as Coinbase, Kraken and FTX, and registering operators on its website. “As a free service to truckers, and a necessary financial innovation in two industries, TruckCoinSwap will see viral adoption,” says Ziegler.
About TruckCoinSwap
Founded in 2021, TruckCoinSwap is a fintech and shipping technology company that can recover and return up to 90% of net revenue on each shipping transaction to carriers. The TCS token is available globally in 80 countries via CrossTower Exchanges, with designs that can be listed on all established and compatible exchanges. The TruckCoinSwap mobile and web applications are exclusively available to industry users and create a unique ecosystem for direct engagement with business-to-business partnerships in the transportation and Web3 industries.
About CrossTower
Founded in 2019, CrossTower is a digital asset exchange offering capital markets opportunities with offices in the US, Bermuda and India. CrossTower offers best-in-class services and products tailored to the needs of retailers and institutions. Among 450 international crypto exchanges evaluated, CrossTower is among only 21 exchanges approved by Digital Asset Research – and has been ranked as high as 4th in the world by CryptoCompare.
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