Overstock’s 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 unencumber shared with Cointelegraph Dec. four.

Based in 2003, GrainChain has evolved a blockchain-powered device that permits provide chain events to trace the distribution technique of harvests. GrainChain’s blockchain-based monetary agreement device lets in manufacturers, patrons and dealers to create sensible contracts so as  to protected finances all the way through the grain transaction procedure.

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

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

Blockchain generation has been actively built-in in quite a lot of agricultural packages. In November, U.S. fast-casual salad chain Sweetgreen introduced a 2nd investment spherical to boost $200 million, citing blockchain amongst its key construction spaces. The сapital raised will reportedly allow Sweetgreen to concentrate on generation and provide chain construction, with blockchain because the “maximum viable answer to be had” to extend transparency in meals provide chains.

In October, the arena’s 4 greatest agriculture corporations, regularly 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 first of all 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 generation corporate VinX to broaden a blockchain-powered wine futures platform. VinX plans to broaden a token-based virtual wine futures platform in keeping with the Bordeaux futures type, that may allow the commerce of wine futures on a blockchain platform.

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