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AgriDex Completes First Agricultural Transaction on Solana Blockchain
AgridexA Solana-based marketplace that aims to bring the global agriculture market on-chain by tokenizing various crops has completed its first agricultural transaction on the Solana blockchain, it told CoinDesk on Wednesday.
The deal, which involves the shipment of over two hundred bottles of extra virgin olive oil and several cases of wine from a farm and vineyard in South Africa to London, will be completed with the arrival of the wine on July 29 and the olive oil a few days later.
AgriDex “settled transactions almost instantly, charging only 0.15% to each party to the transaction,” whereas in traditional systems “fees can amount to several percentage points per transaction.”
“We’ve completed the first-ever transaction on a public blockchain, and it’s now on its way from South Africa to London,” said Adrian Vanderspuy, owner and CEO of Oldenburg Vineyards. “The funds arrived in our AgriDex account in seconds instead of days, and the fees were £5.”
In May 2024, AgriDex raised $5 million with investments from Endeavour Ventures, sub-Saharan African agriculture group African Crops and South African wine group Oldenburg Vineyard.
AgriDex aims to inject more inventory into the supply chain to reduce payment receipt times and transaction and remittance costs.
“Every 1% of global trade we engage in saves billions of dollars and positively impacts millions of lives,” said Henry Duckworth, co-founder and CEO of AgriDex.