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Cryptocurrency News Articles
AgriDex Settles First Agricultural Trade on Solana Blockchain
Jul 24, 2024 at 08:00 pm
AgriDex "settled the transactions almost instantly, charging only 0.15% to each side of the trade" while in traditional systems "fees can be several percentage points per trade."
AgriDex, a Solana-based marketplace that aims to bring the global agricultural market on-chain by tokenizing various crops, has settled its first agricultural trade on the Solana blockchain, CoinDesk learned on Wednesday.
The settlement, which involves the shipment of over 200 bottles of extra virgin olive oil and multiple cases of wine from a farm and vineyards in South Africa to London, will be fully completed when the wine arrives on July 29 and the olive oil arrives a few days later.
According to Adrian Vanderspuy, owner and CEO of Oldenburg Vineyards, AgriDex "settled the transactions almost instantly, charging only 0.15% to each side of the trade." In comparison, traditional systems can charge several percentage points per trade.
"We settled the first-ever trade on a public blockchain, and it is now on its way from South Africa to London. The funds came into our AgriDex account in seconds rather than days and the fees were 5 GBP," said Vanderspuy.
The settlement marks a significant milestone in AgriDex's efforts to tokenize and digitize the agricultural trade industry. The platform aims to bring more of its stock on-chain to reduce the time taken to receive payments and transaction and remittance costs.
"With every 1% of global trade we onboard, billions of dollars are saved and millions of lives are positively affected," said Henry Duckworth, co-founder and CEO of AgriDex.
AgriDex's first trade comes a few months after the platform raised $5 million in a pre-seed funding round from Endeavour Ventures, sub-Saharan African agricultural group African Crops and South African vineyard group Oldenburg Vineyard. The platform plans to use the funds to expand its team, onboarding efforts and footprint in Africa.
In recent times, real-world assets (RWAs) have become the buzz word in crypto, reflecting a global desire to see practical use cases emerging from blockchain and Web3. A report by CoinGecko found RWAs to be the second most profitable narrative in the first quarter of 2024.
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