- In its pre-seed investment round, AgriDex has raised $5 million.
- Agricultural commodities can be traded after they are tokenized on the Solana-based platform.
AgriDex, a company centered on tokenizing agricultural commodities and situated in Solana, has raised $5 million in a pre-seed fundraising round.
African Crops Limited, Oldenburg Vineyards, and Hank Oberoi—a former executive at Goldman Sachs and Citadel—participated in the round, which was led by the tech-focused venture capital firm Endeavour Ventures, according to London-based AgriDex on Thursday.
Co-founder and CEO Herry Duckworth said that AgriDex finished the funding round in February after starting to raise money in September of last year. AgriDex’s valuation increased to about $18 million as a result of the equity round. According to Duckworth, who also mentioned that Endeavour Ventures CEO and co-founder Bill Cunningham joined AgriDex’s board as part of the agreement.
AgriDex is a platform built on Solana that allows trading of agricultural goods that have been tokenized. A non-fungible token (NFT), which is minted for each transaction on AgriDex, is a permanent record of all items, prices, payments, and other information.
AgriDex seeks to increase profitability and reduce expenses for governments, farmers, and investors. According to Duckworth, AgriDex has the potential to save stakeholders billions of dollars annually, and we’re only beginning to scratch the surface. She cited Solana’s quick settlement, high throughput, and inexpensive costs.
According to Duckworth, AgriDex would initially tokenize and list agricultural commodities including sugar, cereals, and cocoa. The network will eventually support more commodities with the help of new partners and funding.
AgriDex plans to introduce its platform and AGRI token during the current year’s third quarter. AgriDex tokens will be utilized to reward and incentivize users based on transaction volumes, community involvement, and platform engagement.
In the upcoming months, AgriDex will carry out a token airdrop for its community, according to Duckworth. As stated in its whitepaper, AgriDex has designated 50 million tokens out of a total of 1 billion tokens, or 5% of the token’s supply, for airdrops.
According to Duckworth, AgriDex also intends to offer its token for public purchase at a rate of $0.10 per token.
According to Duckworth, the business also intends to burn tokens after purchasing them with half of its earnings. The whitepaper states that the buyback procedure will be carried out every day and that profits will be realized on a quarterly basis.
The London-based AgriDex employs close to twenty individuals, and Duckworth intends to expand the group as needed.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
