Cardano (ADA), a blockchain built on peer-reviewed academic research, has been one of the most popular cryptocurrencies in the last year. As a distributed computing platform, Cardano allows projects to conduct initial coin offerings (ICOs) and issue tokens to the public.
Traxia (TMT) was the first ever ICO launched on the Cardano blockchain. Its ICO began in March and quickly raised $15.1 million worth of ADA, Bitcoin (BTC) and Ethereum (ETH). The Traxia team chose the Cardano platform because they believe it is currently the best available blockchain ecosystem.
Interested in Traxia? Here’s a brief rundown of the project:
Platform & Development
Traxia is building a fiat-enabled decentralized global trade finance platform that converts invoices into tradeable smart contracts. Traxia believes that traditional banks do not provide enough liquidity to small and medium enterprises engaged in international trade and offer inefficient financing. Its proposed solution is a global decentralized trade finance system, in which business invoices are converted into smart contracts and traded as financial assets.
Traxia has already partnered with LiqEase, a Chinese firm that serves as an issuing provider. That means LiqEase helps provide the blockchain infrastructure needed to secure a business-to-business trade. It acts as a market maker that matches investors and issuers of digital tokens. LiqEase is focused on the fast-moving consumer goods market in China and Europe. The partnership with LiqEase has so far resulted in a minimum viable product.
The exact process is as follows: First, a seller uploads their invoice onto LiqEase. Then a buyer confirms the invoice and enters into an agreement to convert the invoice into a digital asset. A token is created and issued on a blockchain and then is listed on the Traxia marketplace. Institutional investors can buy tokens wholly or in part. The buyer buys back tokens from the investors after the time period stipulated in the agreement ends.
Private keys will help buyers and sellers confirm the validity of invoices. Buyers and sellers will receive and pay in fiat currencies, so there is no need for small businesses to switch to cryptocurrency. The Traxia Membership Token (TMT) will be used to pay for or access the services within the Traxia ecosystem.
Traxia is governed by the Traxia Foundation, a Swiss non-profit foundation. Its small team is headed by CEO and co-founder Tobias Pfütze, who founded fintech startup Payday and studied at universities in China and Germany before creating the idea for Traxia. Florian Ziem, co-founder and head of product development, worked at Mediaman, a digital product experience agency. CTO Jean Michel Lied Lied is a developer and entrepreneur with smart contract experience.
Traxia (TMT) is currently trading for around $0.02 on KuCoin, and has an unknown market cap, though the project is likely categorized as ‘small cap’ with a total supply of 1,000,000,000 TMT. Traxia is currently tradable on KuCoin and Gatecoin.
It seems that the Traxia project is working toward real-world utility in helping small and medium enterprises, but it needs to gain more traction and good press in order to succeed in its goals. Building on Cardano blockchain has proven to provide the project with an element of novelty, in addition to backing from the Cardano team, which should prove to be an asset over time.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.