AgriDex, a tokenization platform for agricultural products on the Solana blockchain, completes its first cross-border coffee transaction, greatly improving efficiency

Currency circle (120BTc.COM) news: Solana platform AgriDex, which focuses on tokenization of agricultural products, announced on 12/26 that it has completed the first on-chain coffee cross-border transaction, exporting coffee from the UK to South Africa, significantly reducing cross-border costs and transaction time.

The first successful on-chain coffee transaction

This cross-border transaction on the blockchain is the first collaboration between Tiki Tonga Coffee, a boutique coffee brand from the UK, and Agridex, an agricultural tokenization platform. It successfully exported coffee from the UK to South Africa and settled the payment in South African Rand (ZAR), which was converted to British Pound (GBP) to complete the transaction.

Tiki Tonga founder Brad Barritt said that this cross-border transaction only charges a 0.5% fee, much lower than the 5 to 7% fee in traditional cross-border agricultural product trading. Barritt further stated that in the past, it usually took 5 to 12 days for turnover, but this transaction was settled instantly, which is quite fast. It not only saves transaction costs but also reduces the inconvenience of document processing and compliance.

Tiki Tonga Coffee founder publicly praises Agridex

More agricultural products will be listed on AgriDex, endorsed by multiple institutions

In addition to coffee, the Agridex platform also supports real-time settlement of other agricultural products, such as sugar, grains, olive oil, and livestock. Currently, Agridex has agricultural commodity transactions worth approximately 45 billion US dollars waiting to be processed, with great potential. AgriDex has also completed the first agricultural product tokenization transaction on Solana, facilitating the cross-border transportation of over 200 bottles of olive oil and multiple cases of wine from South Africa, and completing the payment in seconds, with a fee of approximately 6.45 US dollars.

Agridex also completed two rounds of fundraising this year, raising a total of $9 million. Among them, Endeavour Ventures, a British venture capital firm, African Crops Limited, an African agricultural products company, and Hank Oberoi, former technical director of Goldman Sachs, participated in the fundraising.

Tokenization of agricultural products, the future mega opportunity

Agridex co-founder Henry Duckworth said that on-chain agricultural product trading can allow farmers to deal directly with buyers, reducing intermediary costs. At the same time, blockchain technology can also solve inefficiencies, lack of technical support, environmental damage, and lack of transparency in the agricultural supply chain.

According to data from the Bureau of Economic Analysis (BEA), agriculture accounts for about 5.5% of the US GDP, with a total agricultural land value of over $3 trillion. If the US agricultural market fully adopts tokenization in the future, the commercial potential will be immeasurable.