TruckCoinSwap completes world’s first blockchain settlement in $2T US trucking industry

Today, December 27, 2022, TruckCoinSwap (TCS) announces that it has completed the first ever settlement of a freight invoice using the blockchain and a non-security digital asset: the TCS (Polygon) Token.

TruckCoinSwap is a fintech and shipping technology company that uses a blockchain-integrated mobile app to provide fast, free shipping invoice settlement to transportation companies. In addition, TCS Token is listed on Uniswap’s decentralized exchange, and on CrossTower US and CrossTower Global in 80 countries.

TCS CEO Todd Ziegler shared:

“Raw materials are defined by whether they are consumed by a user. The concept of utility symbols is thought of in much the same way. TCS now has proof of concept. We have demonstrated that the TCS token is consumed as a commodity by transport companies to get to liquidity faster, and to avoid the two silent supply chain taxes: inflation and invoice factoring.”

Chief technology officer Jake Centner added:

“Within minutes of settling in TCS Token, Bulldog Industrial, a TCS customer, was able to sell their TCS Token and return to US dollars – while avoiding crypto volatility. Of course, Bulldog also avoided factoring costs and inflation.”

Bulldog Industrial owner Vincent Licari noted:

“We’re a two-truck operator in New Jersey, and we usually have to factor the invoices. We’re not long-haul, but getting back $100 or so on each load with TCS is a game-changer for us. That’s $40,000 a year in take-home pay.”

The transaction exchanged a USD 1,000 shipping invoice for the spot USD equivalent value of TCS Token (approximately 10,000) on the CrossTower exchange. Bulldog received tokens and then sold them to the market on the exchange to return to dollars. Bulldog paid a $1.01 exchange fee to CrossTower, and TruckCoinSwap offers its settlement service to carriers for free ($0.00). Accordingly, Bulldog was able to capture $998.99 of the invoice value and TCS now has collection rights for the $1,000 freight invoice payable directly to TCS by the freight forwarder.

For example, if the invoice value was $10,000 and was settled, or “factored” with a bank or intermediary, Bulldog would have paid the industry standard 3%-4% fee, totaling $300-$400 to get the money in about 10 business days. Many banks and factoring companies also offer “quick payment” products that provide funds in just three to five business days for an additional 1-2% fee. Had Bulldog needed his cash quickly, the fees would have been $400-$600. On that same $10,000 invoice, Bulldog can now settle with TruckCoinSwap using the TCS token in about three business days – for the low total cost of just $10.10.

TruckCoinSwap is also a Wyoming company – a result of the innovative and progressive regulations created by state legislators in Cheyenne. Just last month, the TCS team was invited to appear and testify before the Legislature’s Select Committee on Blockchain. Two of the TCS founders are veterans of the University of Wyoming’s Advanced Blockchain Lab, with graduate degrees in computer science.

When asked about the TruckCoinSwap announcement and what it means for Wyoming, Governor Mark Gordon shared:

“I am committed to ensuring that Wyoming continues to be a welcoming environment for companies that are championing blockchain innovations.”

But the waters around Washington DC have become murkier in recent weeks when it comes to digital assets. When asked about this development, CEO Todd Ziegler shared:

“There are people on Capitol Hill who are now saying that Bitcoin (BTC) is the only digital commodity, in the wake of FTX. Of course, we all know that the situation is best correlated with Enron and Lehman Brothers; and the causes that led to Glass-Stegall and Dodd-Frank. Fraud has always been fraud. We’ve seen this story before in traditional financial markets, and it has absolutely nothing to do with the technology underlying blockchain and Web3. Real progress will require intellectually honest analysis, with fair starting points. »

TCS also announced on December 27 that it will launch the “TruckCoinSwap Podcast” in January 2023. Regarding the launch of the show, host and trucking industry veteran Dominick Tullo shared:

“We are now seeing the convergence of two trillion-dollar industries: transportation and Web3. Blockchain is converging with supply chain. Since TCS is the hub of the wheel, we are in the very best position to bring guests to talk about how innovation is revolutionizing and growing both industries . It’s the only podcast in the world that caters to truckers, operators, third-party logistics brokers, Web3 builders and venture capitalists!”

About TruckCoinSwap

Founded in 2021, TruckCoinSwap (TCS) is a fintech and shipping technology company that can recover and return up to 90% of net revenue on each shipping transaction. The TCS token (TCS) – the keystone of the technology stack – is available globally in 80 counties, with designs to appear on all compliant and professionally audited exchanges. With the help of exchanges and strategic partners, TCS aims to clear banks of over $10 billion in freight settlements by 2023 and up to $500 billion per year thereafter. Available exclusively to industrial users, the TCS mobile and web applications create a unique ecosystem for direct engagement with business-to-business partnerships in transportation, crypto and Web3 – industries estimated to have a combined value of $30 trillion by 2030.

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