Agridex is a Solana-based platform for real-world asset (RWA) tokenization.
Agridex Cuts Fees and Speeds Up Agricultural Payments
The move comes as experts predict that tokenization of real-world assets could become a multitrillion-dollar industry by 2030. Agridex’s blockchain is now helping make agricultural commodity transactions cheaper, faster, and more efficient.
AgriDex is empowering small farmers to break free from the barriers of financial exclusion. 🌾💪
For too long, bankless farmers have been denied credit, unable to grow their businesses or escape the cycle of poverty—simply because they lack a ‘transaction history.’
With…
— AgriDex (@AgriDexPlatform) December 12, 2024
Tiki Tonga Coffee, a UK-based coffee brand, carried out the transaction. They exported premium coffee to South Africa, and the payment was made in South African rands and settled in British pounds using the Agridex blockchain.
The move stands as a game-changer for cross-border agricultural payments, as Tiki Tonga was able to complete the transaction with just a 0.5% fee—far lower than the typical 5% to 7% fees involved in traditional cross-border agricultural trade.
Today, we’re thrilled to announce $9M+ in funding for AgriDex!
This funding will help us to bring the world’s most essential industry – Agriculture, onto the Solana blockchain.
Led by @PortalVentures, the strategic round includes Sycamore Gap, Endeavour Ventures, Hawkwood… pic.twitter.com/PazVXAbGEt
— AgriDex (@AgriDexPlatform) December 12, 2024
More About Agridex
The smaller fee and drastically reduced settlement time benefited the transaction. Traditional systems can take anywhere from five to 12 days to settle, but this transaction is completed instantly. According to Cointelegraph, Tiki Tonga’s founder, Brad Barritt, was thrilled with the efficiency, noting, “Not only have we saved significantly on transaction fees, but the cognitive burden of managing documentation and compliance has been lifted.”
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🔗 https://t.co/dbFY31PR0E pic.twitter.com/h9UijMP46i
— AgriDex (@AgriDexPlatform) December 23, 2024
This first on-chain coffee transaction is just the beginning. Agridex’s platform offers instant settlements for a wide range of agricultural commodities, including livestock, wine, and olive oil. With $4.5 billion in pending transactions from agricultural partners, Agridex is quickly becoming a leader in this space.
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