The company intends to release the cryptocurrency and to collect $150 million within ICO
Since then, when the cryptocurrency was read by area of operation of technicians, there passed a lot of time. More and more companies begin to realize the growing applicability of digital currency in the business sphere which is so strongly built on digital platforms.
Use of cryptocurrencies for transportations
Quite recently Prime Shipping Foundation declared the intention to launch own cryptocurrency for use in shipping branch.
The partnership between the company on financial planning of Quorum Capital Ltd and sea carrier of Interchart LLC, Prime Shipping Foundation already led to the implementation of cryptocurrency in the branch of navigation and food industry still at the end of last year.
In December 2017 Prime Shipping became the first who agreed to delivery for bitcoins, having accepted them in payment for 3000 tons of wheat which was delivered from Russia to Turkey.
Though the delivery scope was rather small, the similar transaction on the basis of cryptocurrency was the first in own way and, according to the CEO Ivan Vikulov, was a part of the experimental efforts on “development of the international payment service provider which will be more simple and quicker present”.
However, the difficulties connected to the acceptance of payments in cryptocurrency, according to Vikulov, were a part of what fed motivation of Prime Shipping to release of the digital currency.
Vikulov told that due to the lack of liquidity of bitcoin big payments required a lot of time — sometimes one-two days — to convert into traditional currency.
Thereof 150 invested millions of dollars will be aimed at providing of its liquidity. Vikulov hoped that after start the digital currency will be converted in traditional for only several seconds.
The company also mentioned the plans to obtain the banking license in Gibraltar having one of the cryptocurrencies of legislation, most favourable for development, in a pattern.
Attempt to catch a trend?
Prime Shipping — not the first company making efforts for development on permanently the growing virtual foreign exchange market. Within several months the set of brands made similar efforts for start of the cryptocurrency tokens.
Some brands, such as Atari, Kodak and Longced Iced Tea are condemned for similar actions since they allegedly tried to return the popularity.
Nevertheless, in a case with Prime Shipping, the cryptocurrency can really play an important role in shipping branch. Being in many respects essentially the cross-border business, conversion of currency is the natural need for a pattern of navigation.
Cryptocurrencies, in essence, have not a direct bearing on any specific country. As a result, many read that they can quite accelerate the process of navigation and other forms of international trade — especially if they are converted as effectively as it, perhaps, will turn out at Prime Shipping.