Ethereum Blockchain Trade Finance Platform Factorin Launches in Russia via Dixy Supermarket

A new blockchain-based trade finance platform has just launched in Russia. The platform known as Factorin has been developed on a private version of Ethereum and already has a major Russian retailer Dixy as its first client.

The system which has undergone 6 months in the pilot phase with 12,000 test transactions during the period has already commenced production with Dixy.

Dixy suppliers before now took at least two weeks to receive payments but with the new system, payments can be completed in one business day, according to Factorin co-founder Andrei Maklin. Already, Factorin has connected with two banks in Russia, Alfa Bank and Pervouralskbank and many factoring companies, Maklin said.

The platform connects works with several banks and settlement facilitators between retailers and multiple suppliers (factoring companies) on just one interface and is currently available for both mobile and desktop users worldwide.

Already, the platform has 20 nodes on it, 2 of which are full Ethereum nodes, Maklin said. The company is still working on adding three more. So far, Dixy is the first client and a major one – a supermarket chain that recorded $5 billion in revenue last year and holds 2 percent of Russia’s market.

Speaking on the quality of service provided by Factorin, Dixy’s chief financial officer, Julia Zhuvaga said:

“Tech visionaries like to thrill the public with the stories of the beautiful future, but in reality, top management in any company wants to see better results not in a couple of years but as soon as possible. This platform allows us to see the change here and now.”

Blockchain technology finally seems to be getting attention from the mainstream sectors and is evidently making life easier for those who use it.

The more efficient and cheaper platforms built on blockchain technology have proven to be much better than existing platforms and this is bound to spread. Factorin is considering expanding its service to cover more companies with different needs.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ponvang Bulus
Ponvang Bulus
Ponvang is a cryptocurrency enthusiast, author and investor. He has experience writing on current happenings in the industry as well as technical aspects of Bitcoin improvements. He is also completely fascinated with blockchain technology and an ardent believer in the same. When he is not working, he likes bird watching and reading about politics and the environment as well as traveling and promoting the use of cryptocurrency among family and friends.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Adoption Explosion in Africa, Led by Nigeria, Kenya, and South Africa

Bitcoin continues to gain traction in Africa, with Kenya being the most bitcoin maximalist country, with 94.7% dominance. The top 10 list also contains...

DeFi App Growth Boosts Total Transactions On DApp Blockchains By $4.5B In Q2 2020: DAppRadar Report

In a report by DApp Radar, the total transactional volume on DApps touched the $12 billion mark in Q2 2020, representing a $4.5 billion...

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today