- AgriDex, a farming RWA platform, completed its first trade on Solana.
- The platform facilitated the shipment of more than 200 olive oil bottles and several wine cases from South Africa to London.
- In May of last year, Endeavour Ventures led a $5 million pre-seed fundraising round for AgriDex.
On the blockchain network Solana, the agricultural real-world asset (RWA) marketplace completed its first trade.
More than 200 bottles of olive oil and many cases of wine were transported from their South African origins to London with the assistance of AgriDex. The platform settled the trade and collected fees on both sides amounting to 0.15%.
The first-ever deal on a public blockchain has been concluded and is currently en route from South Africa to London. Adrian Vanderspuy, owner and CEO of Oldenburg Vineyards, stated in a statement that the money arrived in their AgriDex account in a matter of seconds as opposed to days, and that the costs amounted to £5 ($6.45). We’re excited to carry on our collaboration and add more of our stock to the chain. This will shorten the time it takes for us to receive payments and lower transaction and remittance costs.
Commodities, agricultural items, and other RWAs are tokenized by AgriDex. In May, the company raised a further $5 million in pre-seed capital headed by Endeavour Ventures, with backing from Oldenburg Vineyards, African Crops Limited, and former Goldman Sachs CEO Hank Oberoi.
Generation of AGRI tokens
According to Henry Duckworth, co-founder and CEO of AgriDex, the company is scheduled to introduce its upcoming token, AGRI, on a number of significant exchanges in September.
Duckworth continued, AgriDex will purchase and burn AGRI tokens with half of its profits.
According to Duckworth, the platform is expected to start making money at the end of 2024, with earnings of £1.5 million ($1.93 million) anticipated for the first year in 2025. Agridex will be able to produce a profit of more than £18 million ($23.3 million) in 2026 with the assistance of launch partners with sales exceeding $4.5 billion.
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.
