TL;DR
- AgriDex completed its first transaction on the Solana blockchain. Sending 200 bottles of olive oil and cases of wine from South Africa to London.
- The platform used blockchain technology to accelerate the transaction. Reducing transfer time to seconds and keeping the fee at just £5 ($6.45).
- AgriDex will launch its AGRI token in September on several major exchanges. With plans to use half of the profits to buy and burn tokens.
AgriDex, an innovative platform for trading agricultural real-world assets (RWA), has executed its first transaction on the Solana blockchain. The operation involved sending over 200 bottles of olive oil and multiple cases of wine from South Africa to London, marking a significant advancement for the agricultural sector within the crypto and blockchain industry.
The transaction process was carried out efficiently thanks to blockchain technology. According to Adrian Vanderspuy, CEO of Oldenburg Vineyards, the platform enabled funds to reach AgriDex’s account within seconds, as opposed to the days traditionally required by conventional methods. The transaction was completed with a 0.15% fee on each side, resulting in a total cost of £5 ($6.45), a significantly lower cost compared to traditional methods.
We are one step closer to revolutionising agriculture industry and bringing fairness, efficiency and sustainability through the power of blockchain.🌾
We settled the first agricultural trade on @solana, and are looking forward to expanding further in the upcoming months.
🗣️Stay… https://t.co/RIp1GXIAHi
— AgriDex (@AgriDexPlatform) July 24, 2024
AgriDex, which specializes in the tokenization of agricultural goods, commodities, and other real-world assets, has been attracting attention from the crypto industry. The platform raised $5 million in pre-seed funding in May, led by Endeavour Ventures, with participation from African Crops Limited, Oldenburg Vineyards, and Hank Oberoi. This initial investment has allowed the platform to advance its technological integration and market expansion goals.
AgriDex to Launch AGRI Token in September
The next step for AgriDex is the launch of its AGRI token, scheduled for September on several major exchanges. The token will be a crucial part of the platform’s growth strategy. Henry Duckworth, co-founder and CEO of the platform. Stated that half of the company’s profits will be allocated to buying and burning AGRI tokens. A measure aimed at adding value to the token and maintaining platform stability.
The platform is projected to start generating revenue by the end of 2024. With an estimated profit of £1.5 million ($1.93 million) for 2025. By 2026, the company expects to achieve profits exceeding £18 million ($23.3 million). Driven by partners with revenues over $4.5 billion. This growth will be crucial in strengthening the reputation and use of blockchain technology in modernizing agricultural trade.
