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.
This week we announced the first-ever coffee trade on Solana with Tiki Tonga Coffee
Here’s their founder, Rugby legend @bradbarritt talking about how AgriDex:
1⃣ Saved them money on transaction fees
2⃣ Reduced the cognitive burden on his team
3⃣ Made a normally long and complex… pic.twitter.com/Nilv493AIj— AgriDex (@AgriDexPlatform) December 28, 2024
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.
INTRODUCING | How Solana’s RWA Platform, AgriDex, is Bringing Africa’s Agricultural Market On-Chain
AgriDex has made history after settling its first agricultural trade on the Solana blockchain.
AgriDex is also reportedly facilitating the sale of farmland in Zambia 🇿🇲 and the… pic.twitter.com/KbMS1fQjd7
— BitKE (@BitcoinKE) September 25, 2024
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.
LAUNCH | Africa-Focussed Solana RWA Marketplace, @AgriDexPlatform, Officially Launches $AGRI Token, Gets Listed on South Africa’s @VALRdotcom Crypto Exchange
In July 2024, AgriDex successfully completed its first on-chain private transactionhttps://t.co/lGugwjElMe pic.twitter.com/qvsShMYYD5
— BitKE (@BitcoinKE) December 5, 2024
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
🇿🇦 FUNDING | South African Agricultural Real World Assets Solana Marketplace, @AgriDexPlatform ( $AGRI ), Raises Over $9 Million
The project is expected to generate $133 million in profit by the end of 2028https://t.co/KhMRVvSh8f @solana_daily @solana #RWAs pic.twitter.com/AePivojjys
— BitKE (@BitcoinKE) December 30, 2024
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