Casper, WY - April 24, 2024 - TCS, the world’s first (and only) blockchain alternative to freight invoice factoring – dedicated to lowering the cost of settlement by up to 90% for transportation companies – is announcing a disruptive partnership with Bulla Network.
Last year, TCS made history announcing the world’s first freight invoice settlement on-chain (https://cointelegraph.com/press-releases/truckcoinswap-completes-worlds-1st-blockchain-settlement-in-2t-american-freight-industry) – a story that was picked-up by Yahoo Finance (https://finance.yahoo.com/news/truck-industry-real-world-crypto-122544130.html). With no formal marketing, TCS has already generated a $100M revenue pipeline, made up of American and Canadian transportation companies seeking faster and cheaper invoice settlement utilizing blockchain rails. Today, these companies are still forced to wait 30-180 days for payment, or lose up to 50% (or more) of their net revenue to “factor” invoices with banks and traditional financial intermediaries.
TCS CEO, Todd Ziegler, shared: “The trade finance problem is an epidemic. Last year, 35,000 American trucking and logistics companies filed bankruptcy or became insolvent due to financial hardship. The Industry is well aware it’s in recession. But for households and small businesses, losing 35,000 carriers means the price of groceries and goods will continue to rise. Due to inflation, and due to the silent tax ‘factoring’ levies on supply chains.The relationship with Bulla Network allows TCS to scale far faster than our Team and users ever envisioned.”
Bulla Network is an open-source protocol, facilitating on-chain credit and liquidity for web3 businesses. Bulla empowers users to effortlessly tokenize and finance invoices as well as manage receivables, payables and payroll across multiple chains. Bulla’s lending pools accept funds from accredited investors, and provide liquidity to support tokenized real world assets (RWA).
Bulla CEO, Mike Revy advised: "We’re thrilled to join forces with TCS to bring the benefits of decentralized finance to a $2.5 trillion-dollar domestic industry. Together, we'll redefine the nature and management of commercial paper transactions, while offering unparalleled security, speed, and accessibility to users, counterparties and investors. Weare creating a new industry standard for asset classes. This genie won’t go back in the bottle. Market participants will demand it."
The partnership can transform the transportation, digital asset and finance industries, offering cutting-edge tech topool liquidity, enhance transparency and reduce costs for all stakeholders. Benefiting the single-truck owner operator in Ohio, and the accredited investment firm halfway around the globe looking for alpha and yield on real world assets (RWA) living on blockchains.
TCS COO Gabby Kusz shared “This is a real problem that blockchain solves. The whole point of digital asset technology is to solve macro problems in legacy industries with better tech. TCS has solved the problem for truckers and freight brokers, and we couldn’t be more excited about launching at scale this Summer with a dream team of strategic partners, especially Bulla Network.”
For more information about TCS and Bulla Network, please visit their respective websites at www.tcsblockchain.com and www.bulla.network
BullaNetwork is an on-chain credit protocol. Through its BullaBanker app, users can make, manage and organize on-chain transactions. Bulla is integrated with Polygon, Avalanche, Gnosis Safe, Arbitrum, Optimism, base, Moonbeam, Aurora, Harmony, RInkeby, celo and other chains.
TCS is a blockchain-as-a-service (BaaS) company settling freight invoices in 1-2 business days, up to 90% cheaper than banks and factoring companies. Carriers and brokers who “factor” are typically losing 50% or more of net revenue on every load. TCS is NOT a factoring company, and does not lend or settle in fiat. TCS utilizes blockchain tech to solve the largest problem in the North American supply chain: the time and costs associated with trade finance.
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