3.1. Escrow Safe Payment
Last updated
Last updated
is a live feature of the Coimex platform, launched in August 2024, shortly after the release of Exim Token. It is designed to modernize how small and medium-sized enterprises (SMEs) engage in international trade. Built on blockchain technology, the system replaces traditional, expensive, and slow methods like letters of credit with a fast, secure, and transparent smart contract solution.
Designed for SMEs: Ideal for transactions between $15,000 and $500,000, which represent the majority of global trade volumes.
Milestone-Based Release: The system aligns with WTO Incoterms and allows payment to be released based on predefined stages, such as pre-production, shipping, or delivery to the buyer's warehouse.
Blockchain Security: All agreements are digitally recorded and enforced through the smart contract, ensuring transparency and traceability.
Buyer and seller sign a sales agreement.
The value of the goods is locked in USDT through the smart contract, protecting both parties from currency risk.
Commission and service fees are paid in EXIM.
Funds are released automatically based on agreed milestones.
A fixed activation fee (e.g., $28), paid in EXIM, covers gas costs and service operations.
A commission of approximately 1–2% is applied to the non-prepaid portion of the transaction, also paid in EXIM.
This model ensures that Exim Token has a recurring on-chain use case while keeping overall transaction costs below traditional banking instruments.
Currency Risk Protection: By locking trade value in USDT, the system shields both parties from FX volatility.
Lower Costs: Avoids the high fees and delays of traditional financial instruments like SWIFT and letters of credit.
Faster Settlement: Reduces transaction duration from 10–14 business days to 1–3 days.
Trust and Compliance: Smart contracts ensure funds are held securely until conditions are met.
Although individual escrow fees are modest in size, they generate:
Organic on-chain demand for Exim Token,
Increased transactional volume on exchanges,
A sustainable and utility-based use case that complements EXIM’s broader ecosystem strategy.
Escrow Safe Payments has been live since August 2024 and is currently available to Coimex member companies. Initial transactions have already been completed, with expanded adoption and awareness campaigns planned for 2025.