Overstocks Medici Ventures Acquires Stake in Agricultural Blockchain Firm

Medici Ventures, the blockchain undertaking arm of Overstock.com Inc., has bought $2.five million in fairness in agricultural blockchain venture GrainChain, in keeping with a press free up shared with Cointelegraph Dec. four.

Based in 2003, GrainChain has advanced a blockchain-powered device that permits provide chain events to trace the distribution strategy of harvests. GrainChain’s blockchain-based monetary agreement device lets in manufacturers, patrons and dealers to create good contracts so as  to protected price range all over the grain transaction procedure.

The company states that their device supplies a platform, during which small and medium-scale farmers can habits trade out of doors in their speedy geographic space and lower out middlemen.  

With the acquisition, Medici Ventures now has 10 p.c possession in GrainChain, with the solution to additional achieve an extra 10 p.c. The purchase will purportedly permit GrainChain to increase its marketplace percentage in Central and South The us.

Blockchain era has been actively built-in in more than a few agricultural programs. In November, U.S. fast-casual salad chain Sweetgreen introduced a 2d investment spherical to lift $200 million, bringing up blockchain amongst its key building spaces. The сapital raised will reportedly permit Sweetgreen to concentrate on era and provide chain building, with blockchain because the “maximum viable resolution to be had” to extend transparency in meals provide chains.

In October, the arena’s 4 biggest agriculture corporations, repeatedly referred to as ABCD, partnered to digitize world grain buying and selling through the use of blockchain and synthetic intelligence (AI) applied sciences. The applied sciences will to start with be used to automate grain and oilseed post-trade execution processes, which might be a extremely guide and dear a part of the provision chain.

Additionally that month, Medici Ventures invested in Israeli-based era corporate VinX to expand a blockchain-powered wine futures platform. VinX plans to expand a token-based virtual wine futures platform in line with the Bordeaux futures style, that can permit the commerce of wine futures on a blockchain platform.

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