Japan’s Largest Shipping And Logistics Company To Launch Stablecoin. Nippon Yusen Kaisha (NYK) announced that it will launch a digital currency. Nippon Yusen is a shipping and logistics company based in Japan. The aim of the initiative is to provide service payments to members of its crew.
Japan’s largest shipper NYK, reported that this plan is a part of the ‘Staying Ahead 2022 with Digitalization and Green’ plan, a five-year plan to develop a digital and eco-friendly business structure. The company reported that the digital currency will be a stablecoin pegged to the US dollar. The details about how it plans to facilitate this coin have not yet been provided by the company. The company plans to launch before the first quarter of 2019.
Currently, the company is in the process of getting a patent for the technology. Later after which it will offer it to managers, owners and perhaps potential investors. The company also conducted tests in order to ascertain how much of the administrative work can be saved by introducing the stablecoin.
Japan’s Largest Shipping And Logistics Company To Launch Stablecoin. NYK has a fleet size of about 800 ships. Also, the total cash for company shipments is around $800 million a year, which is very high. The main objective of the launch of their stablecoin is to provide a higher level of ease of the process for sending and converting money in the local currency by the sea workers. Since the crew members are usually based in different countries.
With the help of digital currencies, NYK can make transactions faster and at cheaper rates. It can provide a greater level of transparency, which is why the firm chose stablecoins. This is due to their ability to withstand the volatility of the market.
“Many issues remain to be addressed before a cashless ship can be realized, but NYK is forging ahead to construct a viable system by cooperating with various sources and improving operational issues for commercialization.”
-Reported by NYK.
Based on the NYK Group’s mission of “Bringing value to life,” NYK will develop this e-money network for the benefit of sea workers who work around the world and their local communities.