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Cryptocurrencies

Dixy uses Factorin's Ethereum tech to facilitate trade finance

Thursday 6 June 2019 | 12:51 PM CET

Russia-based blockchain startup Factorin has announced the launch of its system into production with Dixy, after a six-month pilot phase.

The new system is developed on a private version of Ethereum, and 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 via a single interface. This facilitates the settlements between the retailer and multiple suppliers.

Also, in the pilot phase 12,000 test transactions have been run. Among the participants are the Russian banks Alfa Bank and Pervouralskbank, but the platform is available for participants via both desktop and mobile interfaces. Moreover, Factorin’s first client, Dixy is a supermarket chain with 2% of the Russian market and almost USD 5 billion in revenue in 2018, which is already on board with the Ethereum trade finance platform.

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