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A new Ethereum-based trade finance platform has been launched in Russia, with Russia's third largest retailer as a key player.
After a six-month pilot phase, the Russian start-up Factorin announced the launch of its production system with Dixy, a supermarket chain with 2% of the Russian market and a turnover of nearly $ 5 billion. 2018.
Developed on a private version of Ethereum, the new system will allow Dixy's suppliers to receive their payments within one business day instead of the previous two weeks. The platform connects with multiple banks and factoring companies (which facilitate settlements between the retailer and multiple vendors) 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, said Factorin. The platform is available to participants via desktop and mobile interfaces.
The product has been in pilot phase since December and has completed 12,000 test transactions during this period, said Maklin at CoinDesk. "Thanks to the tests, we find that the platform significantly reduces the settlement time and we start production," he said.
Julia Zhuvaga, Chief Financial Officer of Dixy, confirmed this news, saying in a statement:
"Technical visionaries like to thrill the public with the stories of this bright future, but in reality, the direction of any company wants to achieve better results, not in a few years, but as quickly as possible. This platform allows us to see change here and now. "
According to Maklin, his network currently has about twenty nodes, two of which are nodes "full" on the servers of the participants. Three others are being installed, others are working in the cloud.
Dixy has become Factorin's first major customer, but Maklin wants it to be the last.
"Working with Dixy for us has become an example of innovation in big business. We have ambitious plans for retail and other industries, "he said in a statement. Later, the platform should be expanded and adapted to different types of activities.
Image of Dixy supermarket via Shutterstock
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