The Prime Shipping Foundation -an open-source project by Gibraltar-based Quorum Capital and shipbroker Interchart – has revealed it was behind the world’s first freight deal settled in Bitcoin.
Executed last month on a vessel carrying wheat from Russia to Turkey, the financial transaction was a trial ahead of a roll out of services from Prime Shipping expected later this year. The deal was for 3,000 metric tons of Russian wheat shipped from Rostov-on-Don Samsun in Turkey
“The Prime Crypto Bank will become the interface between the online world and the real world, allowing a gradual adoption for the shipping industry, without compromising the benefits the new era brings.”, Ivan Vikulov, CEO of the Prime Shipping Foundation said.
In a release issued today, Prime Shipping claimed shipping was a good fit for Bitcoin.
“Most of worlds’ (sic) tonnage is currently registered offshore. The flexibility of these jurisdictions creates a good foundation for the development and the potential switch away from the classical banking system towards a much simpler payment system,” the company stated.
Prime Shipping’s news follows hot on the heels of Louis Dreyfus sealing the world’s first agricultural commodity trade to use blockchain. The French trading house used the technology to sell a cargo of US soybeans to China’s Shandong Bohi Industry.