Farming blockchain GrainChain is set to go big after investment from Medici Ventures, the accelerator backed by the Overstock.com. The retail giant has invested in the farming blockchain GrainChain to boost farmer participation in commodities trading.
GrainChain is a blockchain-powered platform that focuses exclusively on grains – right from procurement to trade payments. The investment will see Medici Ventures create more holistic blockchain solutions to power the payment mechanism.
Online retail giant Overstock.com will use Medici Ventures to help expand GrainChain operations. GrainChain smart contracts are used by around 14,000 farmers for various purposes, including wholesale grain distribution and payments. Medici Ventures will power up the services of this agri-tech blockchain firm via the enterprise blockchain network of Symbiont.
Farming blockchain GrainChain plans to go big in South and Central America
Medici Ventures bought $5 million in GrainChain equity in a funding round that saw the firm invest $8.2 million in the agri-tech company. Currently, GrainChain smart contracts are used by farmers in Mexico, U.S.A., and Honduras. The blockchain streamlines the commodity purchase and brings efficient transactions for both the buyers and the farmers.
The chief executive officer of farming blockchain GrainChain, Luis Macias, shared that it takes many weeks for the farmer to receive payment for their produce. Now, payments are credited within a few minutes. Additionally, smart contracts can also integrate third party members, such as lenders, to process direct loan payments. Buyers, too, are guaranteed to receive the commodities once the payments are completed.
Medici ventures aim to scale up all these operations. More participants can now be added, including farmers, buyers, and even lenders, to help increase the reach of grains trading. Jonathan Johnson, the CEO of Overstock and Medici Ventures, stresses the need to expand farming blockchain GrainChain in more countries, particularly South and Central American regions. Overstock is known to invest heavily in blockchain projects related to farming and commodities trading. In an age when there’s a blockchain for practically everything, it is time that grain and commodity trading for farmers witnesses rapid expansion as well.