GrainChain, a Blockchain-based Agricultural Answer Developer, Secures $8.2 Million in Spherical Led by Overstock Subsidiary Medici Ventures

GrainChain, a blockchain-powered agricultural resolution developer, revealed on March 6, 2020, that it secured $8.2 million in funding from Medici Ventures, a subsidiary of retail agency Overstock (NASDAQ:OSTK).  

GrainChain additionally obtained investments from Eden Block, a blockchain enterprise firm, and a number of other different buyers. 

GranChain’s funding spherical was led by Medici Ventures, which invested $5 million. The funding firm is listed as an early investor of the startup, buying $2.5 million value of GrainChain’s fairness shares again in December 2018.

The 2 corporations have made an settlement  which permits Medici Ventures to buy extra GrainChain firm shares, which the funding firm determined to do, as a part of its newest contribution to the startup’s funding spherical.

Established in 2013, GrainChain operates a platform that retains monitor of varied commodities on a distributed ledger expertise (DLT)-based software program resolution. The corporate creates particular software program that may certify and monitor inventories. It makes use of blockchain-enabled good contracts to help farmers with buying and selling and settling transactions with consumers. 

Jonathan Johnson, CEO at Overstock and Medici Ventures, said:

“GrainChain has quietly change into one of the vital profitable blockchain-meets-agriculture platforms available on the market by permitting increasingly more farmers to obtain honest worth and immediate fee for his or her crops, whereas additionally promoting to a bigger pool of consumers.”

As defined on its official web site, the GrainChain platform can “facilitate immediate fee to suppliers and farmers, and the quick availability of tradable commodities to consumers.” 

It goals to “assault fraud and corruption by certification and accountability, and it streamlines procedures for all individuals within the commodities market.”

GrainChain leverages blockchain tech to create a digitally safe file of commodity knowledge and transactions.

The web site claims that over 84,000 transactions have facilitated the switch of 5.2 billion kilos of commodites.