(BlockBar) Russia launches a new ethereum-based trade finance platform with the third largest retail player in the country as a key participant. Russian blockchain startup Factorin announced that it’s launching its system into production with Dixy followed by a six-month pilot phase. It has a supermarket chain with 2 percent of the Russian market and almost $5 billion in revenue in 2018.
The new system will allow Dixy’s suppliers to receive payments within one business day instead of the previous two weeks.To be noted, it is developed on a private version of ethereum. According to the co-founder of Factorin Andrei Maklin, the platform connects with several banks and factoring companies via a single interface. The platform is available via both desktop and mobile interfaces. It also facilitates the settlement between the retailer and multiple suppliers.
According to the revelation by Factorin, there are two Russian banks named Alfa Bank and Pervouralskbank, as well as several other factoring companies in the country, among the first participants. To be noted, the product has been in the pilot phase since December and it has run around 12,000 test transactions over the period. According to Maklin “Now with the testing we see that the platform significantly reduces the time of settlement, and we’re going into production.”
However, Dixy has become Factorin’s first major client but Maklin ensures that it’s not the last. “Working with Dixy for us became an example of innovation in the large companies. We have ambitious plans for retail and other industries,” he reportedly said. The platform is planned to be scaled up and adapted for various types of business, further down the line.
It is worth noting that the news is also confirmed by Julia Zhuvaga, the chief financial officer of Dixy. She confirmed the news in a statement. She quoted saying, “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.”