Blockchain venture arm of Overstock has now 10% ownership in Agricultural Blockchain Company
An agricultural blockchain project GrainChain sold 2.5 million USD in equity to Medici Ventures, the blockchain venture arm of Overstock.com Inc.
GrainChain was launched in 2003, and it has created a system on blockchain allowing supply chain parties tracking the distribution of harvest. GrainChain’s blockchain-based financial agreement system gives producers, buyers and sellers an opportunity to create smart contracts that secure funds throughout the grain transaction process.
The company suggests that using their platform, small and medium-scale farmers can carry out their business outside of their immediate geographic location. So that, the system will enable to avoid commercial agents.
After the purchase, Medici Ventures has 10% ownership in GrainChain, and is allowed to acquire an additional 10% in the future. The acquisition will supposedly give GrainChain chanсу to expand its market share in South and Central America.
Author: Alena Snezhnaya