News came on December 8—Nasdaq-listed company Intercont (ticker NCT) is making a move.

This time, they have their eyes on Singapore-based Web3 company Starks Network and are planning to acquire just under half of its shares. The focus isn’t just on equity; more importantly, the two sides are teaming up to work on the zCloak Network project.

So what’s zCloak about? In short, it specializes in on-chain identity authentication and payment technologies. Their offerings are pretty hardcore: AI-powered digital identity systems, enterprise self-custody wallets, stablecoin payments, and an AI-encrypted payment tech stack. They’re backed by top-tier investors like Coinbase Ventures.

Why is NCT doing this? Originally a traditional shipping and trade company, they now want to integrate Web3 technology. How exactly? By fully digitizing their payment and business processes to boost efficiency using blockchain solutions.

This acquisition is being called a “strategic move,” but essentially it’s a traditional industry testing the waters in Web3. Whether a heavy-asset industry like shipping can be transformed by on-chain technology remains to be seen—now it’s up to them to show what they can do.