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Agridex Paves the Way for On-Chain Coffee Trades

Agridex Paves the Way for On-Chain Coffee Trades

AltcoinbuzzAltcoinbuzz2024/12/27 19:33
By:By Victor -Lawrence Mike Woriji -

Agridex is a Solana-based platform for real-world asset (RWA) tokenization.

It has just completed its first on-chain coffee transaction. This marks a significant milestone in the agriculture industry.
Agridex Cuts Fees and Speeds Up Agricultural Payments

The move comes as experts predict that tokenization of real-world assets could become a multitrillion-dollar industry by 2030. Agridex’s blockchain is now helping make agricultural commodity transactions cheaper, faster, and more efficient.

AgriDex is empowering small farmers to break free from the barriers of financial exclusion. 🌾💪

For too long, bankless farmers have been denied credit, unable to grow their businesses or escape the cycle of poverty—simply because they lack a ‘transaction history.’

With…

— AgriDex (@AgriDexPlatform) December 12, 2024

Tiki Tonga Coffee, a UK-based coffee brand, carried out the transaction. They exported premium coffee to South Africa, and the payment was made in South African rands and settled in British pounds using the Agridex blockchain.

The move stands as a game-changer for cross-border agricultural payments, as Tiki Tonga was able to complete the transaction with just a 0.5% fee—far lower than the typical 5% to 7% fees involved in traditional cross-border agricultural trade.

Today, we’re thrilled to announce $9M+ in funding for AgriDex!

This funding will help us to bring the world’s most essential industry – Agriculture, onto the Solana blockchain.

Led by @PortalVentures , the strategic round includes Sycamore Gap, Endeavour Ventures, Hawkwood… pic.twitter.com/PazVXAbGEt

— AgriDex (@AgriDexPlatform) December 12, 2024

More About Agridex

The smaller fee and drastically reduced settlement time benefited the transaction. Traditional systems can take anywhere from five to 12 days to settle, but this transaction is completed instantly. According to Cointelegraph , Tiki Tonga’s founder, Brad Barritt, was thrilled with the efficiency, noting, “Not only have we saved significantly on transaction fees, but the cognitive burden of managing documentation and compliance has been lifted.”

Earn $AGRI Rewards!

Get involved in the community and claim your share of $200 in rewards. Winners announced every Wednesday.

Join our Discord for all the details.

🔗 https://t.co/dbFY31PR0E pic.twitter.com/h9UijMP46i

— AgriDex (@AgriDexPlatform) December 23, 2024

This first on-chain coffee transaction is just the beginning. Agridex’s platform offers instant settlements for a wide range of agricultural commodities, including livestock, wine, and olive oil. With $4.5 billion in pending transactions from agricultural partners, Agridex is quickly becoming a leader in this space.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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