Overstock’s blockchain accelerator, Medici Ventures, introduced a world growth of the distributed ledger know-how (DLT)-powered agritech platform GrainChain.
Medici Ventures revealed a press launch on March 27 saying that GrainChain’s growth shall be executed in collaboration with fintech firm Symbiont – with GrainChain set to transition from HyperLedger Fabric to Symbiont’s enterprise blockchain platform, Assembly.
Medici is a shareholder in each GrainChain and Symbiont.
Medici Ventures plots international growth of GrainChain
GrainChain seeks to hurry up and take away friction capital circulation within the agricultural market via using good contracts. Farmers can even observe their produce because it strikes via the availability chain on a per-crate foundation – decreasing the chance of theft and corruption.
Overstock CEO and Medici Ventures president, Jonathan Johnson, describes the partnership between Medici’s keiretsu corporations as “working to eliminate middlemen, democratize capital, and re-humanize commerce through the use of blockchain technology.”
14,000 farmers at present use GrainChain
The agency claims that roughly 14,000 farmers at present use its good contacts – together with practically 1,300 U.S. primarily based customers, virtually 900 in Mexico, and 12,000 in Honduras. GrainChain estimates that it has processed greater than 2.6 million tons of produce on its platform.
The agency’s migration to Assembly is anticipated to bolster the agritech platform’s pace, privateness, and facilitate scaling. Medici hopes that GrainChain will launch in a number of new nations earlier than 2021 – with Johnson eying South and Central America.
“GrainChain’s goal is to continue to grow into new countries to help support farmers around the globe, and Symbiont’s blockchain platform is the solution that will help us reach that goal,” stated GrainChain’s chief government and founder, Luis Macias.
Macias added that the funding shall be used to “continue product development and expansion to meet market demands in more countries.”
Medici Seeks to Invest in Blockchain-Based Nation-Building Platforms
Medici Ventures introduced that it had acquired an extra $5 million of fairness in GrainChain on March 6 after main an $8.2 million funding spherical. The enterprise agency had beforehand invested $2.5 million in late-2019.
Medici’s GrainChain invests align with the agency’s plan to develop a blockchain-based suite of national-building services for rising economies.
In 2019, analytics agency Markets and Markets predicted that the worldwide blockchain-based agricultural market shall be price practically $430 million by 2023.