A GIBRALTARIAN company has become the first in the world to ship food paid for by Bitcoin.

The Prime Shipping Foundation moved 3,000 tonnes of wheat from Rostov-na-Donu in Russia to Samsun in Turkey.

The foundation is a joint enterprise between Rock-based Quorum Capital and the shipbroker Interchart.

“Most of the world’s freight is currently registered offshore,” said a spokesman from Prime Shipping Foundation.

“The flexibility of these jurisdictions creates a good foundation for the development and the potential switch away from the classical banking system to a much more simpler payment system.”