TruckCoinSwap (TCS) announces it has transacted the first-ever settlement of a freight invoice utilizing the blockchain and a non-security digital asset: the TCS (Polygon) Token.
TruckCoinSwap is a fintech and freight-tech company utilizing a blockchain-integrated mobile app to provide fast, free freight invoice settlement to transportation companies. Moreover, TCS Token is listed on Uniswap’s decentralized exchange, and on CrossTower U.S. and CrossTower Global in 80 countries.
TCS CEO Todd Ziegler shared: “Commodities are defined by whether there is consumption by a user. The concept of utility tokens is thought of in much the same way. TCS has now proven concept. We have demonstrated that TCS Token is consumed as a commodity by transportation 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 taking settlement in TCS Token, Bulldog Industrial, a TCS customer, was able to sell their TCS Token and get back to U.S. dollars — all 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 typically have to factor the invoices. We’re not long-haul, but getting back $100 or so on every load with TCS is a game-changer for us. That’s like $40,000 a year in take-home pay.”
The transaction swapped a $1,000 freight invoice for the spot U.S. dollar equivalent value of TCS Token (approximately 10,000) on the CrossTower exchange. Bulldog received the tokens and then sold them to the market on the exchange to get back 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 to be paid directly to TCS by the freight shipper.
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 cash in about 10 business days. Many banks and factoring companies also offer “quick pay” products that provide funds in just three to five business days for another 1%–2% fee. Had Bulldog needed its cash quickly, the fees would have totaled $400–$600. On that same $10,000 invoice, Bulldog can now settle with TruckCoinSwap using TCS Token in about three business days — for the low total cost of only $10.10.
TruckCoinSwap is also a Wyoming company — a result of the innovative and progressive regulatory framework created by state lawmakers in Cheyenne. Just last month, the TCS team was invited to appear and provide testimony to 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.
Asked about the TruckCoinSwap announcement and what it means for Wyoming, Governor Mark Gordon shared: “I’m committed to ensuring Wyoming continues to be a welcoming environment for companies that are championing blockchain innovations.”
But the waters around Washington D.C. have become more muddied in recent weeks when it comes to digital assets. When asked about these developments, CEO Todd Ziegler shared: “There are folks on Capitol Hill now saying Bitcoin is the only digital commodity, in the wake of FTX. Of course, we all know that 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 tech underlying blockchain and Web3. Real progress will require intellectually honest analysis, with fair starting points.”
TCS also announces on December 27 that it will be launching the “TruckCoinSwap Podcast” in January 2023. Regarding the launch of the show, host and transportation industry veteran Dominick Tullo shared: “We’re now seeing the convergence of two trillion-dollar industries: transportation and Web3. Blockchain is converging with the supply chain. As TCS is at the hub of the wheel, we’re in the very best position to bring forward guests to speak to how innovation is revolutionizing and growing both industries. It’s the only podcast in the world catering to truckers, operators, third-party logistics brokers, Web3 builders and venture capitalists!”
About TruckCoinSwap
Founded in 2021, TruckCoinSwap (TCS) is a fintech and freight-tech company that can recapture and return up to 90% of net revenue on every freight transaction. The TCS Token (TCS) — keystone in the tech stack — is available globally in 80 counties, with designs to list on all compliant and professionally audited exchanges. With the help of exchanges and strategic partners, TCS endeavors to unbank over $10 billion in 2023 freight settlements and up to $500 billion per year thereafter. The TCS mobile and web applications are exclusively available to industry users and create a unique ecosystem for direct engagement with business-to-business partnerships in transportation, crypto and Web3 — industries projected to have a combined valuation of $30 trillion by 2030.
