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Green Earth Systems Limited, Hong Kong (GES HK), a global broker of urea fertilizer, has completed the first ever trade of urea fertilizer in exchange for Urocoin (URO). The Urocoin, created and maintained by the URO Foundation, is a commodity-backed encrypted digital currency based on Bitcoin technology, also referred to as a “cryptocommodity.”On July 10, Rivaa Exports Ltd. purchased 25,000 metric tons of urea fertilizer, estimated at 7 million USD, from Green Earth Systems, Hong Kong (GES, HK) slated for resale to Indian Potash Limited (IPL), India’s largest government fertilizer body for urea importation. The initial transaction, originally attempted in January 2014, was delayed for months due to banking compliance issues between Rivaa’s local banks and GES HK’s international banks. The use of Urocoin eliminated these issues and resulted in the completion of the transaction within days, thereby saving tens of thousands of dollars in fees.
“With no setup or banking fees and interest charges, RIVAA and GES, HK are saving close to $300,000 USD on this transaction alone,” said Mr. Nilesh Nair, CEO of GES, HK.
To date, four major commodity suppliers have pledged to accept Urocoin as payment for urea:
1. Green Earth Systems Limited (GES, HK)
2. Urea Trading India
3. Crown Team Corporation, HK
4. CCL Pillay Group, SA
Urea is the world’s most widely used fertilizer and is responsible for more than 50% of world food production. Urocoin is an alternative payment method for urea purchases, which offers a number of advantages over purchases using traditional financial instruments:
- Prevents fraud.
- Eliminates traditional fees and bank charges.
- Eliminates transaction delays.
- Stabilizes price volatility.
For more details regarding the advantages of Urocoin transactions, please see this GES HK press release.
About The Uro Foundation:
The Uro Foundation oversees the long-term development and growth of Urocoin. The foundation has partnered with leading members of the global urea trading industry, all of whom have agreed to abide by the principles set forth in the URO protocol, a document open for industry ratification since June 2014.
Release ID: 55845
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