The US-based company Sino-Global Shipping America revealed it will now accept bitcoin as a form of payment for its global shipping, freight, and logistics services.

As explained, payments made in bitcoin will be made at the rate 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,” Lei Cao, Chief Executive Officer of Sino-Global, commented.

“Accepting bitcoin amongst other payment methods will allow our customers and business partners to take advantage of an increasingly important payment network.”

In 2018, the shipping industry witnessed the first transaction for bitcoin when 300cubits completed the first trial shipment in its smart contract deployed on the ethereum blockchain. Back then, 300cubits introduced TEU tokens, described as the ” bitcoin of the shipping industry”, as a tool for solving the no-show bookings. The tool was described as a blockchain-based shipping deposit aimed at enforcing contracts.

Sino-Global: Exploring non-fungible token business

In February this year, Sino-Global signed a memorandum of understanding to cooperate with the e-commerce blockchain company CyberMiles Foundation.

The duo wants to jointly explore opportunities using blockchain non-fungible token (NFT) CRC-721 protocol and trading platform, which allows enterprises, institutions, and individuals to issue and trade NFTs on CyberMiles’ public blockchain.

Specifically, many cryptocurrencies like bitcoin and ethereum are considered fungible tokens. Each fungible token is identical to each other fungible token: one bitcoin is equal in value to any other one bitcoin.

On the other hand, non-fungible tokens are said to be different. Each NFT is unique and not interchangeable with another. 

The total value of the NFT market is now estimated at $250 million.

Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related services. Headquartered in New York, Sino-Global has offices in Los Angeles, Mainland China, Australia, Canada and Hong Kong. 

Source: Offshore Energy