The URO foundation has today announced that 25,000 of its Urocoin has been exchanged for 25,000 Metric Tons of Urea Fertilizer, marking the first commodity order using commodity backed currency.
Sydney, Australia -- (SBWIRE) -- 07/28/2014 -- 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 an encrypted digital commodity based on Bitcoin technology, which is being referred to as a “cryptocommodity”, considered the next evolution of the Bitcoin revolution.
Urocoin is currently accepted by four leading urea fertilizer traders. While urea fertilizer having its own cryptocurrency may sound unusually niche to the layman, urea fertilizer is in fact directly responsible for 50% of the world’s food production.
Urocoin is an alternative payment method for urea purchases, which offers a number of advantages over purchases using traditional financial instruments, enabling the prevention of fraud, the elimination of traditional fees, charges and transaction delays by banks, and crucially eliminates extreme price fluctuations to the benefit of all parties.
A spokesperson for the Uro Foundation explained, “On July 10, Indian Export Company Rivaa Ltd. purchased 25,000 metric tons of urea fertilizer from GES HK in order to supply Indian Potash Limited (IPL), India’s largest government fertilizer body for urea importation. After months of delays on the purchase due to international banking compliance issues, the transaction between GES and RIVAA was completed within days, and saved the parties tens of thousands of dollars as a result.”
Nilesh Nair, CEO of GES HK confirmed a much higher figure, “With no setup, banking fees or interest charges, RIVAA and GES are saving close to $300,000 USD on this transaction alone.”
To date, four leading commodity traders have pledged to accept Urocoin as payment for urea: Green Earth Systems Limited (GES, HK), Urea Trading India, Crown Team Corporation, HK, CCL Pillay Group, SA. After such a mammoth saving makes the headlines, more will soon be rushing to the currency.
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. For more information about the Uro Foundation, visit http://uro.io/