Latest news with #Tokens
Yahoo
12-05-2025
- Business
- Yahoo
Logistics firm buys $2M in Trump meme coins to boost US-Mexico trade
Houston-based Freight Technologies Inc. (Fr8Tech) recently invested millions in President Donald Trump's official meme coins as a way to push for more technology investment and commerce between the United States and Mexico. Fr8Tech announced on April 30 a $20 million bond agreement earmarked for the purchase of $TRUMP meme coins. Since then, Fr8Tech has made two purchases of $TRUMP totaling $2 million. 'Fr8Tech's continued investment into TRUMP puts us at the intersection of finance and advocacy,' CEO Javier Selgas said in a news release on Monday. 'It reflects our confidence in the long-term value and utility of blockchain-based digital assets and provides a unique opportunity to champion fair and free trade across the U.S.-Mexico border in the interests of our customers.' Fr8Tech (Nasdaq: FRGT) is a digital freight matching technology for shippers and carriers moving loads between the U.S. and Mexico, as well as domestic U.S. and domestic Mexico shipments.'While Mexican President Claudia Sheinbaum's recent comments that the U.S. and Mexico are … 'working in the coming days on options to improve our trade balance and advance outstanding issues for the benefit of both countries' is encouraging, we see no reason why a collaborative and constructive framework for fair and free trade cannot be established now,' Selgas said. 'We believe both countries have the tools and resources to simultaneously resolve current challenges, such as the flow of fentanyl and other narcotics, and maintain legitimate cross-border commerce.' In addition to advocating for more trade between Mexico and the U.S., Fr8Tech aims to make the cryptocurrency the cornerstone of its digital asset strategy, officials said. Fr8Tech's flagship products — Fr8App and Fr8Now — use AI to connect freight transportation with carriers in real time. In addition to $TRUMP, Fr8Tech purchased $5.2 million in FET Tokens from Fetch Compute Inc. on April 1. FET Tokens are the cryptocurrency that powers a decentralized machine learning platform.'For Fr8Tech, cryptocurrencies are not just a treasury strategy; they are part of a broader, long-term vision of how technology can enhance logistics, incentives, and the movement of goods,' a Fr8Tech spokesman told FreightWaves in an email. 'For example, we are evaluating how carriers, shippers, brokers and other participants in the logistics market can transact, invest and grow using crypto on our Fr8App platform.' Trump launched his meme coins on Jan. 17, which 'celebrates a leader who doesn't back down, no matter the odds,' according to its website. A business entity linked to Trump owns a large share of the coins, The New York Times reported. Meme coins are often created out of novelty rather than an investment. However, $TRUMP has generated more than $320 million in fees for its creators, according to CBS News. Trump is raising millions of dollars hosting cryptocurrency-focused dinners, including the $1.5 million-per-plate 'Crypto & AI Innovators Dinner' on May 5. Trump will also attend a dinner on May 22 at his Virginia golf club for the largest investors in the $TRUMP meme coins. Critics of Trump's meme coins said the president seems to be using $TRUMP to allow purchasers to buy access. 'Trump appears to be auctioning off access to the presidency,' Noah Bookbinder, executive director of Citizens for Responsibility and Ethics, wrote in an op-ed on MSNBC. 'The more of his cryptocurrency that people buy, the higher their chances of meeting Trump at his club.' Fr8Tech said it hasn't spoken to Trump or anyone from his administration and does not plan to attend the May 22 for Fr8Tech said they hope the Trump administration keeps commerce with Mexico tariff-free. 'As a North American transportation logistics technology company with a focus on U.S.-Mexico cross-border trade, the Company's primary concerns are on disruptions and barriers to fair, balanced and free trade,' Fr8Tech said. 'Active and productive commerce across the U.S.-Mexico border is essential to the success of our business, as it is to many of our customers and partners. We are naturally concerned about the potential limiting or detrimental impacts that certain trade policies, such as high tariffs, quotas or embargoes, may have on healthy trade and their potential micro and macro-economic repercussions on our customers and partners, and more broadly on economic growth and levels of employment.' The post Logistics firm buys $2M in Trump meme coins to boost US-Mexico trade appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
01-04-2025
- Business
- Globe and Mail
Freight Technologies Enters into Securities Purchase Agreement with Fetch Compute to Acquire Tokens in One of the Largest Decentralized Artificial Intelligence Computing Networks
- Creates asset diversification in addition to a crypto treasury and platform for Freight Technologies to introduce crypto to the Over-the-Road (OTR) carrier and logistics markets - - Freight Technologies and to collaborate on a development partnership to further blockchain and AI technologies in the logistics space - HOUSTON, April 01, 2025 (GLOBE NEWSWIRE) -- Freight Technologies, Inc. (Nasdaq: FRGT; 'Fr8Tech' or the 'Company'), a logistics management innovation company, offering a diverse portfolio of technology-driven solutions, announced today it has entered into a Securities Purchase Agreement (the 'Agreement') for the acquisition of $5.2 million of FET Tokens from Fetch Compute, Inc. ('Fetch Compute'), in exchange for 2,311,248 Series A4 preferred shares of the Company, par value $0.0001 per share ('Preferred Shares'). The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Company's current report on Form 8-K dated April 1, 2025, announcing the execution of the Agreement. FET Tokens are the cryptocurrency that power a decentralized machine learning platform that aligns with Fr8Tech's vision for scalable and secure AI solutions in the OTR carrier and logistics markets. Acquiring FET Tokens allows Fr8Tech to begin actively participating in decentralized AI ecosystem, expanding its competitive advantage in the logistics industry. 'On the heels of the launch of our AI Tendering Bot, an innovative solution designed to automate and streamline the load tendering process for shippers and freight brokers, today's token acquisition announcement brings further breadth and depth to Fr8Tech's commitment to logistics innovation, while simultaneously strengthening and diversifying our balance sheet,' said Javier Selgas, the Chief Executive Officer of Fr8Tech. 'With a FET Token treasury in place and by leveraging empowered decentralized digital economy, our ultimate goal is to empower clients with real-time visibility and greater supply chain transparency to handle different activities inside the decentralized economy, whether it's improving supply chain logistics, maintaining solid record-keeping systems, executing computational tasks, or enabling transactional interactions.' About Freight Technologies Inc. Freight Technologies (Nasdaq: FRGT) ('Fr8Tech") is a technology company offering a diverse portfolio of proprietary platform solutions powered by AI and machine learning to optimize and automate the supply chain process. Focused on addressing the distinct challenges within the supply chain ecosystem, the Company's portfolio of solutions includes the Fr8App platform for seamless OTR B2B cross-border shipping across the USMCA region; Fr8Now, a specialized service for less-than-truckload (LTL) shipping; Fr8Fleet, a dedicated capacity service for enterprise clients in Mexico; Waavely, a digital platform for efficient ocean freight booking and management of container shipments between North America and ports worldwide and Fleet Rocket a nimble, scalable and cost-effective Transportation Management System (TMS) for brokers, shippers, and other logistics operator Together, each product is interconnected within a unified platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, brokerage support, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Fr8Tech's and Fr8App Inc.'s actual results may differ from their expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue' and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Fr8Tech's and Fr8App Inc.'s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to obtain or maintain the listing of Fr8Tech's ordinary shares on Nasdaq; (2) changes in applicable laws or regulations; (3) the possibility that Fr8Tech or Fr8App Inc. may be adversely affected by other economic, business and/or competitive factors; (4) risks relating to the uncertainty of the projected financial information with respect to Fr8App Inc.; (5) risks related to the organic and inorganic growth of Fr8App Inc.'s business and the timing of expected business milestones; and (6) other risks and uncertainties identified, including those under 'Risk Factors,' to be filed in Fr8Tech other filings with the Securities Exchange Commission. Fr8Tech cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Fr8Tech and Fr8App Inc. caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Fr8Tech and Fr8App Inc. do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
