• bitcoinBitcoin$70,296.000.94%
  • ethereumEthereum$3,562.701.07%
  • elrond-erd-2MultiversX$60.60-0.25%

Sino-Global Now Accepts Bitcoin as Payment

US-based company Sino-Global Shipping America has divulged that bitcoin can now be used as a form of payment for its global shipping, freight, and logistics services. The payments made in bitcoin shall be made at the rate that is applicable at the payment date.

“Sino-Global is adapting to digital currency industry trends by offering our customers options to use a variety of payment methods,” declared Lei Cao, Chief Executive Officer of Sino-Global. “Accepting bitcoin amongst other payment methods will allow our customers and business partners to take advantage of an increasingly important payment network.”

The first transaction for bitcoin in the shipping industry took place in 2018 when 300cubits finalized the first trial shipment in its smart contract deployed on the Ethereum blockchain. In that period, 300cubits introduced TEU tokens, which were described as “bitcoin of the shipping industry” as a means for solving the no-show bookings. It was basically a blockchain-based shipping deposit meant to enforce contracts.

In February 2021, Sino-Global signed a memorandum of understanding in order to work with the e-commerce blockchain company CyberMiles Foundation. They plan to analyze and explore possibilities of the blockchain non-fungible token CRC-721 protocol and trading platform that will permit institutions and individuals to issue and trade NFTs on the public blockchain of CyberMiles.

Basically, while bitcoin and ethereum are fungible tokens (meaning they are identical to one another and each one is worth the same as another), non-fungible tokens are different in the sense that they are all unique and can not be changed with another.

The total value of the non-fungible tokens is evaluated to be at $250 million.

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