A new ethereum-based trade finance platform has been launched in Russia with the third largest retail player in the country as a key participant.
Following a six-month pilot phase, Russian blockchain startup Factorin announced Tuesday that it’s launching its system into production with Dixy – a supermarket chain with 2 percent of the Russian market and almost $5 billion in revenue in 2018 – already on board.
Developed on a private version of ethereum, the new system will allow Dixy’s suppliers to receive payments within one business day instead of the previous two weeks. The platform connects with several banks and factoring companies (which facilitate the settlements between the retailer and multiple suppliers) via a single interface, according to Factorin co-founder Andrei Maklin.
Among the first participants are two Russian banks, Alfa Bank and Pervouralskbank, as well as several factoring companies in the country, Factorin said. The platform is available for participants via both desktop and mobile interfaces.