Dixy signs on with blockchain-powered trade finance system

Dixy signs on with blockchain-powered trade finance system

Russian supermarket chain Dixy is onboard with a recently launched Ethereum-based trade finance platform.

Developed by blockchain startup Factorin, this 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. Alfa Bank and Pervouralskbank are among the first participants, alongside several factoring companies in the country.

The product has been in the pilot phase since December and has run 12,000 test transactions over the period, CoinDesk reports. Dixy’s Chief Financial Officer, Julia Zhuvaga, said in a statement: “Tech visionaries like to thrill the public with stories of a 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.”

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