Commodities Shipper Seeks $150 Million to Start Digital Coin

Prime Shipping Foundation is looking to raise funds mid-2018
New digital coin meant to speed bulk freight settlement

A container handler moves a Mitsui O.S.K. Lines Ltd. shipping container at a shipping terminal in Yokohama, Japan, on Monday, Jan. 29, 2018. Japan’s major shipping companies, Nippon Yusen KK, Kawasaki Kisen Kaisha Ltd. and Mitsui O.S.K. Lines, will report its earnings on Wednesday.Photographer: Kiyoshi Ota/Bloomberg

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By Isis Almeida

February 20, 2018 at 5:00 AM UTC

Updated on

February 20, 2018 at 12:15 PM UTC

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The shipping agency that struck the first freight deal settled in Bitcoin is now seeking $150 million to launch its own cryptocurrency.

Prime Shipping Foundation, a partnership between Gibraltar-based Quorum Capital Ltd. and ship broker Interchart LLC, is looking to raise the funds by midyear in a so-called initial coin offering. Using its own cryptocurrency would ease conversions into and out of traditional currencies, speeding settlement, according to Chief Executive Officer Ivan Vikulov.