Simultaneous exchange of stable coins and NFT securities on the blockchain Eliminate trade inequalities such as deferred and advance payment risks

 

STANDAGE Co., Ltd. (Minato-ku, Tokyo, CEO: Akinori Adachi, hereinafter referred to as Standage), which develops and provides digital trade platforms, has partnered with CargoX Ltd. (Slovenia, CEO: Štefan Kukman, hereinafter referred to as CargoX), which provides blockchain-based document and business data transfer solutions, for a new trade settlement system that utilizes blockchain and stable coins, which are its core business. By combining Standage's trade settlement system with CargoX's blockchain platform that allows the delivery of electronic bills of lading (eBL), it will be possible to simultaneously exchange "money" and "goods" in trade settlement, a world first. The two companies plan to complete a prototype of the system by the end of 2023, and after demonstrations both domestically and overseas, they will work together to put it into practical use within 2024.

 

■ Current status of stable coin and eBL utilization in Japan

The amendment of the Payment Services Act in June 2011 made it possible for Japan to issue domestically-produced stable coins, a world first. Major banks and trust banks in Japan are working to issue domestically-produced stable coins, and attention is being paid to the use of virtual currencies, which have so far mostly been used for individual investment purposes, in business, especially for trade settlements, which have large transaction volumes.

 

Furthermore, in a trade business where paper-based processing with emphasis on originality still continues, the electronicization and domestic use of bills of lading (BL), which certify the ownership of goods, is steadily progressing.

It is said that electronic bills of lading (eBLs) will not be put into practical use in Japan until after 2025, but under the guidance of the Digital Container Shipping Association (DCSA), nine major container shipping companies announced in February 2023 a policy to achieve 100% use of eBLs by 2030.

 

■ Trade settlement using blockchain and stable coins

Since its founding in 2017, Standage has been working on developing a new trade settlement system that utilizes blockchain and stablecoins.

This will enable safe, cheap and fast trade settlements in any country or region around the world, regardless of country risk or the credibility of the local currency.

We are currently conducting Proof of Value (PoV) for this trade settlement system with the cooperation of a major general trading company and a major manufacturing company.

 

CargoX is a blockchain-based electronic bill of lading (eBL) issuing platform and a startup based in Slovenia. There are only six eBL issuing platform providers in the world recognized by the Japan P&I Club (Japan Shipowners' Mutual Insurance Association), including CargoX, and of these, only three are blockchain-based.

 

Both Standage and CargoX systems use the same blockchain, Ethereum.

We decided to partner with CargoX because our two companies' systems work very smoothly together and we share a common desire to bring about change in the trading industry, which has apparently remained unchanged for 100 years.

 

By partnering with CargoX and combining Standage's stablecoin-based trade settlement system with CargoX's platform, which also enables the delivery of electronic bills of lading (eBL) on the blockchain, it will be possible to simultaneously exchange "payment (stablecoin)" and "goods (eBL)" in trade, completely without intermediaries and in a tamper-proof manner.

 

■ Future outlook

Standage and CargoX plan to complete a prototype of a platform by the end of 2023 that will enable the simultaneous exchange of "payments (stablecoins)" and "products (eBL)" by linking the two companies' systems. After conducting demonstrations both domestically and internationally, they will continue to collaborate with the aim of commercializing the platform within 2024.

Through the development and dissemination of new trade payment systems, Standage will continue to bring innovation to the way trade is conducted, which is said to have remained unchanged for 100 years, and strive to create a world in which all countries have equal access to all goods.

 

About CargoX

CargoX is an international company specializing in Blockchain Document Transfer (BDT) solutions. The CargoX platform provides the secure creation and transfer of all electronic trade documents for government and regulatory agencies in the logistics, manufacturing, finance, trade, energy and services industries. It is specifically designed to improve the convenience and efficiency of the creation, signing, exchange, control, transfer of ownership, processing and archiving of electronic trade documents.

The CargoX platform acts not only as a web-accessible service but also as a secure transport layer for large organisations, with seamless API integration to existing logistics software and government systems.

◇CargoX Platform Official Website: https://cargox.digital

Established: March 2018

Representative: Štefan Kukman, CEO

URL: https://cargox.io

 

■About Standage

Founded in March 2017. With a vision of "creating a world where all countries have equal access to all things," the company is developing a new trade settlement system that utilizes blockchain and stable coins to enable the safe, secure, and inexpensive simultaneous exchange of "goods" and "money" regardless of region or country. The company sees its main market as emerging countries, especially in Africa, and has established bases in four African countries, including Nigeria, to carry out trade business with Africa. It is not limited to the trade settlement field, but develops and provides systems that realize digital transformation for the entire trade system, including market development, ordering, and international logistics, while also working to support exports by small and medium-sized enterprises in order to increase the number of new domestic trade players.

◇"DigiTrad" service official website:https://standage.co.jp/digitrad

Established: March 2017

Representative: President and CEO Akinori Adachi

Capital: 608,568,500 yen (including capital reserve of 302,782,500 yen)

URLhttps://standage.co.jp/