Cryptocurrencies are slowly becoming mainstream when it comes to settlement for all kinds of goods and services. Just recently the first known freight consignment was settled in bitcoin as the deal consisted of 3,000 tons of wheat from Rostov that was sent to Turkey.
Bitcoin Used In the Freight Industry
Last month bitcoin was used in a freight deal sent from Russia to Turkey, according to a firm called Prime Shipping Foundation (PSF). The settlement was part of a pilot the company is testing that features blockchain-powered settlements for large commodity consignments. PSF's founder and CEO Ivan Vikulov hopes the company's trial can lead to processing freight deals more fluidly by using cryptocurrencies. During the research and development of the project, PSF has partnered with Quorum Capital Ltd, and a ship management service called Interchart LLC.
"We are trying to develop a cross-border payment system that's easier and faster than what's available now," explains Vikulov in a recent interview.
As far as we know, this is the first freight deal done in a cryptocurrency.
Switching Away from the Classical Banking System
The ship carried PSF's 3,000 metric tons of wheat from the Russian region of Rostov to Samsun, Turkey. The freight deal made in cryptocurrency shows that these types of payments could bypass international sanctions in those areas. According to Vikulov, his firm is planning to get licensed in Gibraltar because the country has been more favorable towards cryptocurrency solutions.