AgriDex has settled its first agricultural trade on the Solana blockchain.
It facilitated the shipment of two hundred bottles of extra virgin olive oil and several cases of wine from a farm and vineyards in South Africa to London.
AgriDex, a Solana-based marketplace that aims to bring the global agricultural market into the chain by tokenizing various crops, has arranged its first agricultural trade on the Solana blockchain, it told CoinDesk on Wednesday.
The settlement, which includes the shipment of more than two hundred bottles of extra virgin olive oil and several 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 on July 29. a few days later.
AgriDex “settled the transactions almost instantly, charging only 0.15% on each side of the transaction,” while in traditional systems “fees can be several percentage points per transaction.”
“We have completed the very first transaction on a public blockchain and it is now on its way from South Africa to London,” said Adrian Vanderspuy, owner and CEO of Oldenburg Vineyards. “The money arrived in our AgriDex account in seconds instead of days and the cost was £5.”
In May 2024, AgriDex raised $5 million with investments from Endeavor Ventures, sub-Saharan African agriculture group African Crops and South African vineyard group Oldenburg Vineyard.
Lately, real-world assets (RWAs) have become the buzzword in crypto, reflecting the global desire to see practical use cases emerge from blockchain and Web3. A report from CoinGecko shows that RWAs are the second most profitable story in the first quarter of 2024.
AgriDex aims to bring more of their inventory into the chain to reduce the time it takes to receive payments and transaction and transfer costs.
“Every 1% of global trade we bring on board saves billions of dollars and positively impacts millions of lives,” said Henry Duckworth, co-founder and CEO of AgriDex.
Read more: Solana-based marketplace AgriDex raises $5 million to symbolize the agriculture industry