Sino-Global to accept bitcoin as payment for its global shipping and logistics services
Sino-Global Shipping America, based in the United States, has announced that it will now accept bitcoin as payment for its global shipping, freight, and logistics services.
“Sino-Global is adapting to digital currency industry trends by offering our customers options to use a variety of payment methods. Accepting bitcoin amongst other payment methods will allow our customers and business partners to take advantage of an increasingly important payment network," stated Lei Cao, Chief Executive Officer of Sino-Global.
When 300cubits completed the first trial shipment in its smart contract deployed on the ethereum blockchain in 2018, the shipping industry experienced the first bitcoin transaction. TEU tokens, dubbed the "Bitcoin of the Shipping Industry" at the time, were launched by 300cubits as a method for resolving no-show bookings.
The tool is represented as a blockchain-based shipping deposit for enforcing contracts.
Sino-Global signed a memorandum of understanding with the CyberMiles Foundation, an e-commerce blockchain organization, in February of this year.
The two want to look at opportunities using the CRC-721 protocol and trading platform for blockchain non-fungible tokens (NFTs), which enables businesses, organisations, and individuals to issue and exchange NFTs on CyberMiles' public blockchain.
Many cryptocurrencies, such as bitcoin and ethereum, are classified as fungible tokens. Each fungible token is the same as any other fungible token: one bitcoin is worth the same as every other bitcoin.
The NFT market is now projected to be worth $250 million.
Maritime Business World