Solana-based platform Agridex has made its first deal to sell coffee online. The company says it could open the door to more cost-effective trading of agricultural products.
The deal was made by British coffee brand Tiki Tonga Coffee, which exports premium coffee from its home country to South Africa. The payment was made in South African rands and settled in British pounds using the Agridex #blockchain .
Tiki Tonga claims that the transaction fee was only 0.5%, many times less than the 5-7% typically charged for cross-border agricultural transactions. In addition, settlement was instantaneous, whereas in the previous system, transactions typically took five to 12 days to complete.
Not only did we save significantly on transaction fees, but we also eliminated the cognitive burden of managing paperwork and compliance, says Tiki Tonga founder Brad Barritt.
The AgriDex platform offers instant payment for a range of agricultural products, including livestock, wine and olive oil, and coffee. According to the company, its agricultural partners have a $4.5 billion backlog of transactions.
As Cointelegraph recently reported, the Solana-founded trading platform has raised $9 million in funding, with Citadel, Goldman Sachs and Palantir among its major backers.
asset tokenization is considered one of the leading use cases for #blockchain technology, with the agriculture industry likely to benefit most from the process of converting RWAs into digital tokens
Tokenizing
RWA connects agriculture to blockchain and tokenizes assets such as crops, land and carbon credits, and the agriculture industry is likely to benefit most from the process of converting
RWA into digital tokens. John Trask, CEO of technology company Dimitra, told Cointelegraph that moving agriculture
to blockchain will also address key challenges such as inefficiency, lack of technical support, environmental degradation and lack of transparency in the supply chain, The #blockchain platform
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