[2018-01-24] 3,000 Metric Tons of Wheat Was Recently Traded for Bitcoin

Cryptocurrencies are slowly becoming mainstream when it comes to settlement for all kinds of goods and services. Just recently the first known freight consignment was settled in bitcoin as the deal consisted of 3,000 tons of wheat from Rostov that was sent to Turkey.

Last month bitcoin was used in a freight deal sent from Russia to Turkey, according to a firm called Prime Shipping Foundation (PSF). The settlement was part of a pilot the company is testing that features blockchain-powered settlements for large commodity consignments. PSF’s founder and CEO Ivan Vikulov hopes the company’s trial can lead to processing freight deals more fluidly by using cryptocurrencies. During the research and development of the project, PSF has partnered with Quorum Capital Ltd, and a ship management service called Interchart LLC.

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