latest

INS Ecosystem, A Decentralized Grocery Marketplace, Raises $42 Million For ERC-20 Token Sale

Care to cut your grocery bill by as much as 30%? INS Ecosystem, a decentralized grocery marketplace claims they can do just that. The marketplace announced that they have garnered a crowd contribution period of $42 million (USD) for the ERC-20 token, referred to as an INS.

INS Ecosystem, a platform that connects consumers directly with manufacturers, was founded by Peter Fedchenkov and Dmitry Zhulin. “The staggering success of our token sale has left the INS team both humbled and overjoyed,” Fedchenkov said. “When we set out on this incredibly ambitious mission, we knew that the only way we could succeed in revolutionizing the grocery industry was with a community that is as passionate as it is positive at our side.”

INS says they can save consumers as much as 30% on their e-shopping bill. This has the potential to disrupt the $8.5 trillion (USD) global grocery market.

Fedchenkov said that grocery is the second largest retail industry in the world, yet it lags behind in regards to blockchain and other technologies. Smart contracts and blockchain technology would help make the supply chain more efficient.

INS has over 500 independent suppliers from the UK, Netherlands, Brazil, Italy, Russia, and other countries exploring joining the platform on its launch. They’ve also garnered a lot of support and formal interest from some big name manufacturers such as 2 Sisters Storteboom, MARS, Reckitt Benckiser, Valio, Aviko, Capebe, FrieslandCampina, and Borjomi.

Author image
Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee