Flexport's CEO, Ryan Peterson, announced on Twitter that bitcoin is included in their $1.6 billion balance sheet.
- Flexport's CEO claims that bitcoin is on the company's balance sheet.
- Flexport's website features a Bitcoin White Paper.
Ryan Peterson, CEO of Flexport, a global supply-chain logistics company that focuses on connecting the entire global trade ecosystem, announced on Twitter that bitcoin is safely stored on their balance sheet.
Peterson responded, "We don't disclose that, but it's not zero," when asked what percentage of their $1.6 billion balance sheet was in bitcoin.
This announcement stems from a thread in which Peterson discussed the company's ability to navigate turbulent waters in the face of current market tensions.
"There is never a dull moment in our industry," Peterson says. "Through the volatility, uncertainty, and chaos, Flexport is fortunate to have over $1.6 billion in net assets on our balance sheet, allowing us to continue to play offense while protecting the interests of our customers, employees, and shareholders."
The San Francisco-based company also has the Bitcoin whitepaper on their website, indicating that Flexport sees a need to educate their users about Bitcoin.
Flexport, with a $8 billion valuation, has made enormous shifts in the logistics ecosystem despite not owning the trains, ships, or planes used to move merchandise across the global supply chain. Rather, Peterson pioneered what is known as "digital freight forwarding," which takes their customers' supply chain systems and automates the process, typically saving their customers money.
Their system is credited with saving their clients four hours per work week on average, as well as eliminating redundant communication. Through automation, 41-year-old Peterson and Flexport have drastically altered the landscape of the global supply chain.
Flexport, which was founded in 2013 with the goal of automating the customs forms process, has evolved into the central point of automation for the global supply chain.
"I wish I could use a HoloLens to look inside and see which containers are Flexport's," Peterson said. "I guarantee we'll be on any container ship on the West Coast."
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