IKEA, the popular Swedish-founded furniture and appliance retail company, has settled a bill using a token built on the Ethereum blockchain. This marks a very significant transaction for crypto adoption at the large-scale organization level.

Icelandic retailer Nordic Store purchased goods from IKEA Iceland with the help of a B2B payment platform, Tradeshift, and a local fintech firm, Monerium, to settle the e-invoice with digital cash.

In June 2019, Monerium received approval from the Financial Supervisory Authority of Iceland (FME) as the first and only e-money institution in Europe. Ever since, Monerium is thoroughly invested in changing the face of the financial landscape where transactions are quick and cheap. Tradeshift is on a journey to transform the B2B supply chain transactions for the digitally connected world. Perhaps the partnership is of great importance to the 1.5 million companies across 190 countries that are supported by Tradeshift. It also marks the stepping stone for Monerium to execute its plans at a global level.

Gert Sylvest, co-founder of Tradeshift and GM of Tradeshift Frontiers said that programmable currency backed by smart contracts are bound to become the very foundation of e-commerce payments. He further stated:

“We see smart invoices not just as useful for lowering administrative hurdles in business-to-business (B2B) cross-border transactions, but for building new financing models that makes it easier for enterprises to improve access to credit and improve cash flow. That is why we have built the world’s first smart invoice and now settled it with licensed digital cash together with Monerium.”

 

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