Ambrosus, the blockchain-based ecosystem for the supply chain, launched its Token Generation Event (TGE) on September 22, 2017, and has raised over 5700 ETH at the time of writing (over $1.65 million at current exchange rate).

Founded in 2016 by Angel Versetti and Dr Stefan Meyer, Ambrosus aims to overcome the current deficiencies and challenges of current global supply chains and markets by combining high-tech sensors, blockchain technology, and smart contracts. The TGE follows a successful pre-sale round in which the startup raised over $35 million USD.

“Ambrosus would like to thank its early participants for their support in the project, which I believe represents the future of essential global supply chains. Following the success of the token pre-sale, Ambrosus is delighted to present its highly anticipated AMB token to the broader community,” Versetti said. “Ambrosus aims to become the world’s first publicly verifiable and community-driven system to assure the quality, safety, and origins of food, pharmaceuticals and other essential products. Despite rapid technological development in many industries, the world's system of commodity production and distribution has been slow to capitalise on the ground-breaking advancements of our time. Proceeds secured through our TGE will continue to fuel the development of a better ecosystem for global commodity markets.”

According to the official release, the proceeds from the TGE will go towards research and development on the Ambrosus protocol, API and ecosystem (35%), research and development on Ambrosus sensor systems (25%) and other critical uses which are detailed on the company’s website. In addition, Ambrosus plans to allocate approximately 10% of proceeds towards a food quality research lab.

“With a dynamic ecosystem of complementing emerging technologies, we have devised a bold rethinking of how the global supply chains and markets can operate. Blockchain can protect the integrity and verifiability of sensor data; while smart contracts can enable automatic governance of supply chains and manage commercial relationships between the different actors within them,” Meyer said.

The TGE will be capped at 328’103 ETH, in which Ambrosus will sell Amber tokens (AMB), issued on the Ethereum blockchain, at a rate of 1 ETH = 1000 AMB. Thus, a total of 328,103,000 AMB will be offered for a public crowdsale. Participants can use ETH and major fiat currencies to participate in the sale. The TGE will run until October 22, 2017.

Following a successful security audit of the Ambrosus smart contract by Validity Labs, the Ambrosus TGE is open to all interested participants who complete a strict KYC (Know Your Customer) procedure, which requires proof of identity and proof of residence for the owner of Ethereum wallets. Ambrosus will not accept participation from the citizens and residents of North Korea, Sudan, Syria, and the United States.

Headquartered in Zug, Switzerland, Ambrosus is the first blockchain project to become an official partner of the United Nations 10YFP, which is responsible for the implementation of the Sustainable Development Goals. Officially endorsed by EIT Food, Ambrosus has received financial backing from the Government of the Canton of Vaud, Switzerland.

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