Russian wheat shipped to Turkey for Bitcoin


History is being made, as the first major commodity deal is settled with Bitcoin. Last month, a cargo ship carried 3,000 tons of wheat from Rostov-on-Don, Russia to Samsun, Turkey. The company behind the deal, Prime Shipping Foundation, is testing a blockchain settlement system for commodities. CEO Ivan Vikulov promises immediate processing of payments and safety of transactions.

“We are trying to develop a cross-border payment system that’s easier and faster than what’s available now,” Vikulov said. “As far as we know, this is the first freight deal done in a cryptocurrency.”

Prime Shipping Foundation is currently applying for a banking license in Gibraltar. The British Overseas Territory is one of the more crypto-friendly places in the world. This would allow faster and easier conversions between fiat money and cryptocurrencies.

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