The Prime Shipping Foundation informed that it has been working on a project, that will facilitate the processing of payments and conversion from fiat to cryptocurrencies and back without incurring much additional cost for the customers.
Namely, the company developed an ecosystem to allow rapid and safe transactions between major fiat currencies and major cryptocurrencies.
This was achieved on December 1st, 2017, when Prime became the first organization to invoice freight in cryptocurrency, when a vessel carried about 3000 metric tons of Russian wheat from Russia to Turkey.
Vital for this project is the so-called PRIME Token. By using the Prime eco-system, freight market operators can increase the efficiency of their operations, while also reducing operating expenditures. The project is currently in its pre-ICO stage with the main ICO expected during 2018.
“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 noted.
The Prime Shipping Foundation has been testing the feasibility of the eco-system since 2017 and has collaborated with shipowners to enhance the cash-flow cycle.
It’s always good to see Bitcoin used more and more every day. An easier transaction will lead to faster business and deliveries. Can’t wait to see this happen more and in other markets as well.