By Kyunghee Park (Bloomberg) -- Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents. That last throwback to 19th century trade is about to fall. A.P. Moeller-Maersk A/S … [Read more...]
Commodities Shipper Seeks $150 Million to Start Digital Coin
By Isis Almeida (Bloomberg) -- The shipping agency that struck the first freight deal settled in Bitcoin is now seeking $150 million to launch its own cryptocurrency. Prime Shipping Foundation, a partnership between Gibraltar-based Quorum Capital Ltd. and ship broker Interchart LLC, is looking to raise the funds by midyear in a so-called initial coin offering. Using its own … [Read more...]
TEU Tokens – First Cryptocurrency for Container Shipping is Launched
By Gavin van Marle (The Loadstar) - Container shipping could see the first widespread use of a cryptocurrency this week. Hong Kong-based blockchain developer ETH Smart Contract Tech will tomorrow start handing out its bespoke TEU tokens to shippers, forwarders and 3PLs under its 300cubits project. The company will release some 20m TEU tokens, “custom-designed as digital … [Read more...]
The Most Expensive Cruise Ever – Cryptocurrency Geeks Lose Millions While Aboard Ship
By Blake Schmidt (Bloomberg) When 600 cryptocurrency enthusiasts set sail from Singapore on Monday night for their second annual Blockchain Cruise, the price of Bitcoin was hovering comfortably above $13,500. By the time their 1,020-foot-long ship pulled into Thailand on Wednesday, for an afternoon of bottomless drinks and crypto-focused talks on a sun-soaked private beach, … [Read more...]
Maersk, IBM to Launch Blockchain-Based Platform for Global Trade
By Jacob Gronholt-Pedersen COPENHAGEN, Jan 16 (Reuters) - The world's largest container shipping firm A.P. Moller-Maersk is teaming up with IBM to create an industry-wide trading platform it says can speed up trade and save billions of dollars. The global shipping industry has seen little innovation since the container was invented in the 1950s, and cross-border trade still … [Read more...]