Overstock’s Medici Ventures Acquires Stake in Agricultural Blockchain Firm

Medici Ventures now has a 10 % stake in agricultural blockchain agency GrainChain, with the choice to amass a further 10 %.

Medici Ventures, the blockchain enterprise arm of Overstock.com Inc., has bought $2.5 million in fairness in agricultural blockchain challenge GrainChain, in response to a press launch shared with Cointelegraph Dec. 4.

Founded in 2003, GrainChain has developed a blockchain-powered system that permits provide chain events to trace the distribution strategy of harvests. GrainChain’s blockchain-based monetary settlement system permits producers, consumers and sellers to create smart contracts so as  to safe funds all through the grain transaction course of.

The agency states that their system offers a platform, by which small and medium-scale farmers can conduct enterprise exterior of their fast geographic space and lower out middlemen.  

With the acquisition, Medici Ventures now has 10 % possession in GrainChain, with the choice to additional purchase a further 10 %. The acquisition will purportedly enable GrainChain to broaden its market share in Central and South America.

Blockchain expertise has been actively built-in in varied agricultural functions. In November, U.S. fast-casual salad chain Sweetgreen introduced a second funding spherical to lift $200 million, mentioning blockchain amongst its key improvement areas. The сapital raised will reportedly allow Sweetgreen to deal with expertise and provide chain improvement, with blockchain because the “most viable resolution out there” to extend transparency in meals provide chains.

In October, the world’s 4 largest agriculture firms, generally often called ABCD, partnered to digitize worldwide grain trading through the use of blockchain and synthetic intelligence (AI) applied sciences. The applied sciences will initially be used to automate grain and oilseed post-trade execution processes, that are a extremely handbook and expensive a part of the availability chain.

Also that month, Medici Ventures invested in Israeli-based expertise firm VinX to develop a blockchain-powered wine futures platform. VinX plans to develop a token-based digital wine futures platform based mostly on the Bordeaux futures mannequin, that may allow the commerce of wine futures on a blockchain platform.

Original supply: https://cointelegraph.com/news/overstocks-medici-ventures-acquires-stake-in-agricultural-blockchain-firm

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