The circle might be closing as suppliers now seem to be coming with the first international shipping deal completed by a crypto payment on December the 1st 2017.
“The Prime Shipping Foundation… became the first organization to invoice freight in cryptocurrency for about 3000 Metric tons (about 100.000 bushels) of Russian wheat from Rostov-on-Don, Russia to Samsun, Turkey,” they say in a statement.
It’s not clear what crypto exactly was used, but there is much talk of Russian and Ukrainian companies accepting bitcoin for payments, potentially to evade sanctions.
A Ukrainian shipping company, Varamar Ltd., begun accepting bitcoin payments late last year, with its founder, Alexander Varvarenko, stating:
“Paperwork for transactions is a complicated issue with banks, and bitcoin payments will help solve that by being faster. It could also help solve payment problems in countries like Pakistan, Russia, Sudan, Yemen, and Qatar, which have safe companies but are victims of sanctions being imposed against their governments.”
It’s unclear who exactly Prime Shipping paid for the wheat, with a bare bones statement more focused on their planned Initial Coin Offering (ICO).
But its CEO, Ivan Vikulov, is also CEO of a Gibraltar-based company called Quorum Capital Ltd which appears to be co-operating with a shipping broker Interchart LLC.
Little information is found regarding the latter, while the Prime Shipping website is effectively blank, hosting solely a mailing list subscription entry field.
The above, therefore, remains claims by the company itself as it is difficult to verify them, with the Pre-ICO stage company so apparently planning to acquire a banking license:
“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,” Vikulov says.
If that is indeed the case, then the adoption cycle might be closing whereby customers, merchants, employees and suppliers all operate in crypto, so potentially making it unnecessary to interact with the fiat system.