Overstock & # 39; s blockchain accelerator, Medici Ventures, introduced a worldwide growth of its distributed ledger know-how (DLT) powered agritech platform GrainChain.
Medici Ventures printed one press release on March 27, it introduced that the growth of GrainChain will likely be carried out in partnership with fintech firm Symbiont – with GrainChain on the transition from HyperLedger Material to Symbiont's enterprise blockchain platform, Meeting.
Medici is a shareholder in each GrainChain and Symbiont.
Medici Ventures calculates worldwide growth of GrainChain
GrainChain needs to speed up and take away the circulation of friction capital on the agricultural market via sensible contracts. Farmers may also track their merchandise as they crate via the provision chain, decreasing the danger of theft and corruption.
Overstock CEO and Medici Ventures president, Jonathan Johnson, describes the partnership between Medici's Keiretsu firms as "working to remove middlemen, democratize capital and humanize commerce via using blockchain know-how."
14,000 farmers are at the moment utilizing GrainChain
The corporate claims that about 14,000 farmers are at the moment utilizing its sensible contacts – together with almost 1,300 US customers, almost 900 in Mexico and 12,000 in Honduras. GrainChain estimates that it has processed greater than 2.6 million tons of merchandise on its platform.
Migrating the corporate to Meeting is predicted to boost the velocity and privateness of the Agritech platform and facilitate economies of scale. Medici hopes that GrainChain will launch in a number of new international locations by 2021, with Johnson trying to South and Central America.
"The objective of GrainChain is to develop into new international locations to assist assist farmers around the globe, and Symbiont's Blockchain platform is the answer that can assist us obtain that objective," mentioned Luis Macias, CEO and founder from GrainChain.
Macias added that the funding will likely be used to "proceed product growth and growth to satisfy market demand in additional international locations".
Medici goals to spend money on blockchain-based platforms for constructing nations
Medici Ventures announced that on March 6, it acquired one other $ 5 million in fairness in GrainChain after conducting a $ 8.2 million spherical of financing. The enterprise agency had beforehand invested $ 2.5 million on the finish of 2018.
Medici's GrainChain investments are in step with the corporate's plan to develop a blockchain-based suite of nationally constructed services for rising economies.
In 2018, evaluation company Markets and Markets predicted that the worldwide blockchain-based agricultural market will likely be value almost $ 430 million by 2023.