AgriDex, a Solana-based real world assets (RWA) marketplace has raised £4 million in pre-seed funding, to bring the $2.7 trillion global agriculture industry on-chain. AgriDex's platform leverages blockchain technology to tokenise agricultural commodities, facilitating the listing and buying of various crops on its marketplace. Once a deal is finalised, it's secured by minting an NFT that records all key transaction details.
Endeavour Ventures, known for its strategic investments in tech unicorns such as Blue Prism and Ebury Partners, is a major investor in the project. Other significant contributors include Hank Oberoi, ex-head of technology for Goldman Sachs and ex-Citadel COO, African Crops Limited, a large-scale agricultural group with 15 farms across sub-Saharan Africa and Oldenburg Vineyards, a prominent South African vineyard group emphasising the wide-ranging industry support for AgriDex’s mission.
The significant capital infusion will be allocated to further development of the platform. The funds will be specifically used for the refinement and beta testing of the product, the establishment of users onboarding and strategic partnership team, and efforts to grow and optimise user acquisition.
RWAs have continued to gain popularity and were the second most profitable narrative in the crypto space during Q1 of 2024, according to a recent report by CoinGecko. Furthermore, the market cap is estimated to grow to $16 trillion by 2030 according to Boston Consulting Group, highlighting the potential impact it will bring to the global financial system.
AgriDex achieves instant settlements, high throughput and low fees as it’s built on Solana. Each transaction on AgriDex is represented by minting a Non-Fungible Token (NFT) that permanently preserves product, pricing, payment, and any other necessary details. The Layer 1’s ability to compress NFTs allows AgriDex to develop a scalable NFT-based supply chain solution and deliver cost savings of 10-40% on each transaction.
