USE CASE | South African Real World Assets Platform, AgriDex, Completes First On-Chain Coffee Trade, Exported from UK to South Africa

Solana-based real-world asset (RWA) South African platform, AgriDex, has facilitated its first on-chain coffee trade, a move it said brings the $223 billion coffee industry one step closer to the blockchain.

Tiki Tonga Coffee, a UK-based coffee brand, carried out the transaction, exporting premium coffee to South Africa. The payment, made in South African Rand (ZAR), was settled in British pounds (GBP) via the AgriDex blockchain.

According to Tiki Tonga, the transaction incurred a minimal fee of just 0.5%, far less than the typical 5% – 7% charged for cross-border agricultural trades. Additionally, settlement was instantaneous, in contrast to the usual 5 to 12-day delays associated with traditional systems.

“Not only have we saved significantly on transaction fees, but the cognitive burden of managing documentation and compliance has been lifted,” said Tiki Tonga, Founder Brad Barritt, on the X platform.

According to AgriDex, its platform supports instant settlements not only for coffee but also for other agricultural commodities such as livestock, wine, and olive oil.

The company also revealed that it has $4.5 billion in pending transactions from its agricultural partners.

Having recently announced the launch of its native token $AGRI, AgriDex aims to bring the global agricultural market on-chain by tokenizing various crops.

According to a demo video shared on its website, AgriDex allows agricultural trades to be listed, executed, and tracked entirely within the platform. Transactions are secured with NFTs that store the details of each deal When finalized, deals are then secured by minting a non-fungible token (NFT) recording the key transaction details.

The Solana-based marketplace is also fresh off of a $9 million capital raise in a funding round led by:

• Sycamore Gap

and including,

• Endeavour Ventures
• Hawkwood Capital
• FS Ventures
• HU Investments

and angel investors from,

• Citadel
• Goldman Sachs, and
• Palantir