- Dixy is a supermarket chain that controls 2% of the Russian retail market.
- The new platform allows Dixy suppliers to get payment in just one business day.
The Russian retail market will now have access to a newly launched Ethereum-based trade finance platform. The platform has been released into the market by the country’s third largest retailer Dixy following a six-month pilot stage.
The system has been launched in collaboration with a Russian blockchain startup called Factorian according to an announcement made on Tuesday. Dixy is a supermarket chain that controls 2% of the Russian retail market, besides the firm posted about $5 billion in revenue in 2018.
The blockchain-based trade platform was developed on a private version of Ethereum. Significantly, it will allow Dixy suppliers to get payment in just one business day, which is a significant reduction from the previous two weeks. The platform has formed a connection with various banks and factoring companies on a single interface.
The platform the current connects two banks Alfa Bank and Pervouralskbank and various factoring companies has been in pilot phase since December 2018. It has already tested 12,000 test transactions. The CFO of Dixy Julia Zhuvaga said in a statement:
“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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana price pumps 7% as SOL-based POPCAT hits new ATH, JITO becomes largest protocol on TVL metrics
Solana (SOL) price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
High hopes rouse for TON coin with Pantera as its latest investor
Pantera aims to introduce crypto to the masses with investment in TON blockchain. The TON blockchain has received significant recognition among crypto investors following recent partnerships and integrations. TON could see a rally following Pantera's recent investment.
Ethereum to break out of bearish move, ETH ETFs unlikely in 2024
Ethereum shows signs of recovery despite a second consecutive day of poor performance in Hong Kong's spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot ETH ETF may not happen in the US in 2024.
Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
zkSNACKs, the company pioneering the development of Wasabi Wallet, has revealed plans to shut down its Coinjoin coordination service, effective from June 1, 2024.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.