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Japanese Shipping Company Creates Tokens For Crew

10:02 21/11/2018

Japan's largest shipping company Nippon Yusen (NYK Line) will present its own digital coin for the crew. This became known from the sources familiar with the case that wished to remain anonymous, according to Bloomberg.

 

With the new token, it will be more convenient for seafaring workers at NYK Line to send money and exchange them for fiat currencies of different countries. The company will tie its digital currency to the US dollar to avoid unpredictable rate fluctuations due to volatility of the crypto market.

The company owns 800 vessels, each employing from 20 to 23 crew members. An average of $50,000 is allocated for expenses and wages on each ship.

 

Since sailors need to convert money into local currencies when arriving to another country, the tokens in this case will be more convenient than cash. Also, digital performance will allow the crew members to track transactions and expenses as well as manage the funds, the company will develop a mobile application, which is scheduled for release in the first half of 2019.

It is reported that Nippon successfully tested the token with ship-based communications, such as satellites, and is looking to get a patent for the technology. Later, the company plans to offer crypto services to other shipping companies.

 

To date, Nippon has not made the project public and technical details of the new token are not revealed. It is also unclear whether the cryptocurrency will work on blockchain or on alternative technologies.

 

As previously reported, security token SPiCE will be listed by a regulated platform.

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