AgriDex Settles First Agricultural Trade on Solana Blockchain

AgriDex, a Solana-based marketplace aiming to bring the global agricultural market on-chain by tokenizing various crops has settled its first agricultural trade on the Solana blockchain, it told CoinDesk on Wednesday.

The settlement, which involves the shipment of over two hundred 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.

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.”

“We settled the first-ever trade 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 funds came into our AgriDex account in seconds rather than days and the fees were 5 GBP.”

In May 2024, AgriDex raised $5 million with investments from Endeavour Ventures, sub-Saharan African agricultural group African Crops and South African vineyard group Oldenburg Vineyard.

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.

AgriDex aims to bring more of their stock on-chain to reduce 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.

Read More: Solana-Based Marketplace AgriDex Raises $5M to Tokenize Agricultural Industry