• Sat, Dec 15, 2018 02:01 AM
  • All times are UTC
  • Edition:
Link copied

Medici Ventures acquires 10 percent stake in blockchain agriculture startup GrainChain

Dec 05, 2018 09:16 am UTC

Overstock.com’s subsidiary Medici Ventures has purchased a $2.5 million equity in GrainChain, a software startup seeking to bring easy and secure payments to farmers, buyers and grain elevators through blockchain technology.

Established in 2013, GrainChain aims to provide smart and automated tools for farmers to help them get rid of the manual processes of weighing and documenting agricultural yield. The three-part blockchain-based system eliminates the potential for human error and fraud and allows tracking of harvest throughout their supply chain.

“The blockchain-based financial settlement system allows grain producers, buyers and sellers to create smart contracts to secure funds throughout the grain transaction process,” GrainChain said.

“By using Internet of Things (IoT) devices that accurately measure grain weight and quality, GrainChain eliminates the potential of errors from human error or bad actors. The system furthermore creates documentation to track harvests from farm to table, eliminating the potential of fraud.”

GrainChain co-founder and CEO Luis Macias said that the company is making the grain transaction “extremely efficient, transparent, safe and secure.”

The acquisition, which gives Medici Ventures 10 percent ownership in GrainChain, will allow the startup to expand its market share in Central and South America. GrainChain is currently available in the U.S. and Mexico.

"Agriculture is the backbone of our global civilization, but producers operate on razor-thin margins and are up against a host of factors far beyond their control," said Jonathan Johnson, president of Medici Ventures. "GrainChain helps to support those producers by simplifying and securing the measuring and payment process and bringing unprecedented transparency to the industry."

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $3,259.66 (-1.70%)
  • XRP (XRP) $0.290000 (-3.21%)
  • Ethereum (ETH) $84.85 (-2.26%)
  • Stellar (XLM) $0.098900 (-5.96%)
  • EOS (EOS) $1.84 (-0.89%)
  • Bitcoin (BTC) $3,259.66 (-1.70%)
Dec 14, 2018 (Friday)
Porsche taps BBVA blockchain platform for acquisition term loan
San Francisco-based security token platform TokenSoft invests in SEC-registered broker-dealer
PwC Russia partners with Bitfury to launch accelerator for blockchain projects
Former Apple executive Phillip Shoemaker joins blockchain identity startup Civic
South Korean internet giant Kakao pumps $15M in Israeli blockchain startup Orbs
Finablr’s Swych introduces blockchain-powered global gifting and shopping platform using Stellar Network
UAE, Saudi central banks to co-develop cryptocurrency for cross-border transactions
Dec 13, 2018 (Thursday)
CULedger latest to join R3 blockchain consortium
Opera launches new browser for Android with built-in crypto wallet
Mike Novogratz’s Galaxy Digital Ventures, Fidelity and others invest $4M in crypto lender BlockFi
UAE Exchange, Ripple to launch cross-border remittances to Asia by Q1 2019
Maersk, Heidmar and others to trial blockchain-based seafarer certification system
Blockchain in 2019: Continued mainstream adoption, increased standardisation of platforms and protocols, and survival of the fittest
Neo Global Capital backs decentralized blockchain computing platform Ultrain
Indian telecom regulator TRAI completes blockchain pilot with IBM
Bitwala launches crypto banking services in Germany
Dec 12, 2018 (Wednesday)
Boerse Stuttgart Group partners with solarisBank to develop crypto trading venue
Alibaba Cloud, Citi and others join Hyperledger blockchain project
Growing use of cryptocurrencies and mobile payments forces EU to strengthen rules on criminalisation of non-cash payment fraud
LINE Plus acquires GrayHash to boost security of fintech and blockchain services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.