Overstock’s blockchain accelerator, Medici Ventures, introduced a world growth of the diffvictimisation ledger know-how (DLT)-powered agritech platform GrainChain.
Medici Ventures discovered a press launch on March 27 expression that GrainChain’s growth shall be dead together 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 inside the agricultural market via victimisation good contracts. Farmers can even observe their produce because it strikes via the accessibility chain on a per-crate foundation – decreasing the chance of stealing 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 now use GrainChain
The agency claims that roughly 14,000 farmers now use its good contacts – together with much 1,300 U.S. primarily based customers, all but 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 expected 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,” expressed GrainChain’s chief government and founder, Luis Macias.
Macias added that the funding shall be accustomed “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 endowed $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 much $430 million by 2023.